Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Martha Rodriguez invested 80,000 cash to open her Law Firm. 2. Bought office furniture on account $ 2,000. 3. Charged legal fees to a

1. Martha Rodriguez invested 80,000 cash to open her Law Firm.
2. Bought office furniture on account $ 2,000.
3. Charged legal fees to a client $ 5,000, the client paid $ 3,000 cash and the due balance in
a month.
4. Paid the rent $ 2,000.
5. Bought a computer in cash $ 500.
6. Paid Advertisement to the Discovery Channel $ 2,000 cash.
7. Got a loan from Chase $ 25,000.
8. Paid cleaning services $ 100 cash.
9. Performed Legal services to a customer $ 4,000, the customer paid $ 500 cash and the
due balance in 30 days.
10. Received cash from credit customers $ 800.
11. Paid salaries to employees $ 5,000.
12. Paid utilities 400 cash.
Required:
 T-Accounts
 Trial Balance
 Income statement
 Balance Sheet

Step by Step Solution

3.53 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Glencoe Accounting First Year Course

Authors: Andrée Vary

1st Edition

978-0078688294, 0078688299

More Books

Students also viewed these Accounting questions