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2. Paula Perna, a lawyer, has decided to open her own law office on June 1, 20-. On that date, she commenced business with the

2. Paula Perna, a lawyer, has decided to open her own law office on June 1, 20-. On that date, she commenced business with the following assets and liabilities. Assets Bank Law Library Office Equipment Automobile Liabilities $ 2.500 6 500 8250 A/P-The Stationery Store Loan Payable $3 250 $8 750 16 500 A. Prepare a balance sheet for Paula Perna as on June 1, 20-. B. Record the beginning financial position of Paula Perna in a two-column general journal. Use page number 1. This is the opening entry. C. Journalize the transactions for Paula Perna, Use the chart of accounts below. Source document reference numbers are not provided for transaction. CHART OF ACCOUNTS Assets Owner's Equity 105 Bank 305 P. Perna, Capital 110 A/R-R. Spooner 310 P. Perna, Drawings 115 A/R-T. & R. Builders - 405 Fees Earned 120 Office Supplies 505 Car Expense 125 Law Library 510 General Expense 130 Automobile 515 Loan Interest Expense 135 Office Equipment 520 Rent Expense 525 Wages Expense Liabilities 205 A/P-The Stationery Store 210 Loan Payable Transactions: June 1 Paid the rent for June, $3500 cash. 2 Purchased supplies on account from The Stationery Store, $375. < 3 Performed a legal service for cash, $1200. < 5 Performed a legal service on account for R. Spooner, $650. < 8 Paid $1000 cash to The Stationery Store on account. 10 Performed a legal service on account for T. & R. Builders, $1100. 11 Received $350 on account from R. Spooner. < 15 Paid $80 cash for gasoline for the business automobile." 20 Paid wages for part-time secretarial help, $450. 24 Paid $65 cash for postage. < 24 Paid the regular monthly installment for the loan, $320. The loan interest was $60; the other $260 reduced the amount owed. 30 Paula withdrew $450. Of this, $400 was for personal use and $50 was for gasoline for the business automobile

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