Question

Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable: Office Equipment: Legal Database Subscription: Accounts Payable; Common Stock Dividends: Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T- accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trial balance sheet as of October 31. 1 Jennings started his law practice by contributing $21.500 cash to the business on October 1, receiving shares of common stock in the company 2 Purchased office equipment on count, 511,400. 3 Paid office rent for October 31,100. 4 Paid 59,750 to access online legal database for two years 5 Billed clients for services rendered, $14,000 6 Made 16.000 payment on account for the equipment purchased on October 2. 7 Paid legal assistant's salary: $2800. 8 Collected $7.500 from clients previously billed for services 9 Received invoice for October utilities, 5190; will be paid in November 10 Paid stockholders $1,500 as a cash dividend. years Support 7:19 PM S 0 520

Answer 1

Credit - Debit $7,850 $6,500 $11,400 $9,750 $5,590 $21,500 Cash Accounts Receivable Office Equipment Legal Database Subscription Accounts Payable Common Stock Dividends Legal Fee Earned Salaries Expense Rent Expense Utilities Expense Totals $1,500 $14,000 $2,800 $1,100 $190 $41,090 $41,090

Credit Debit -21500-1100-9750-6000-2800+7500-1500 - 14000-7500 11400 9750 Accounts Receivable Office Equipment Legal Database Subscription Accounts Payable Common Stock Dividends Legal Fee Earned Salaries Expense Rent Expense - 11400-6000-190 21500 1500 14000 2800 1100 190 =SUM(D4:014) Utilities Expense Totals =SUM(E4:E14)