Celeste Lafrance opened a law office on January 1, 2025. During the first month of operations, the business completed the following transactions: 

Requirements 

1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Advertising Expense; and Utilities Expense. Explanations are not required. 

2. Open the following four-column accounts including account numbers: Cash, 101; Accounts Receivable, 111; Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Common Stock, 301; Dividends, 311; Service Revenue, 411; Salaries Expense, 511; Advertising Expense, 521; and Utilities Expense, 531.

3. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal. 

4. Prepare the unadjusted trial balance of Celeste Lafrance, Attorney, at January 31, 2025.

Transcribed Image Text:

Jan. 1 3 4 7 11 15 16 18 19 Lafrance contributed $59,000 cash to the business, Celeste Lafrance, Attorney. The business issued common stock to Lafrance. Purchased supplies, $600, and furniture, $2,000, on account. Performed legal services for a client and received $1,300 cash. Purchased a building with a fair value of $100,000, and land with a fair value of $20,000. The business paid $40,000 cash and signed a note payable to the bank for the remaining amount. Prepared legal documents for a client on account, $700. Paid assistant's semimonthly salary, $1,180. Paid for the supplies purchased on January 3 on account. Received $2,400 cash for helping a client sell real estate. Defended a client in court and billed the client for $800. Received a bill for utilities, $400. The bill will be paid next month. Received cash on account, $700. 25 29 30 Paid $2,400 cash for a 12-month insurance policy starting on February 1. Paid assistant's semimonthly salary, $1,180. 30 31 Paid advertising expense, $1,500. 31 Paid cash dividends of $2,400.