Question
1 . A client bill is paid in part by trust moneys held on behalf of the client and in part by cheque . How
1 . A client bill is paid in part by trust moneys held on behalf of the client and in part by cheque . How will the paralegal record this transaction? (LO3)
2 .If a client has two separate matters being handled by a paralegal, can that client authorize the transfer of funds from one trust account to the other? Explain . What if the transfer of funds is from a third-party trust account? Explain . (LO7)
3 . When would a paralegal use a book of duplicate cash receipts? For how long would this record have to be maintained? (LO2)
4 . How are monetary retainers recorded? Identify the appropriate journal and/or ledger . (LO2)
5 . How can you verify that the trial balance after the trust posting is correct? (LO6)
6 . Why is it important to review client ledgers from time to time? (LO4)
7 . Which journal is used to track payments made from the trust bank account? (LO3)
8 . A client entrusts to a paralegal her certificate of authenticity of a vintage coin collection that is the subject of a small claims dispute . How would the paralegal record and track this item? (LO3)
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