5 . Clients General Ledgers - Accounts Receivable
6 . General Disbursements Journal
7. General Receipts Journal
Please answer correclty and add titles on each account properly
Practice Exercise 7.5 You are a new paralegal with a general bank account balance of $12,000. On August 1 you set up a mixed trust account for your paralegal practice. The following events take place in your first two months of business, August and September 20** 1. You pay for office rent to Jackson Mall in the amount of $950 (plus HST) with general cheque #200 on August 1. 2. You are retained by Carol Seaver in Matter 2050. You receive $2,500 in trust to the credit of Matter 2050 (Small Claims) on August 2. Certified cheque #658. 3. You are retained by Edna Garrett in Matter 2125. You receive 51,050 in trust to the credit of Matter 2125 (Small Claims) on August 3. Certified cheque #798. 4. On August 4, you issue the defendant's claim for Edna Garrett (Matter 2125). You pay the court fee of $75 with trust cheque #101 payable to Small Claims Court. 5. On August 6, you issue the plaintiff's claim for Carol Seaver (Matter 2050). You pay the court fee of $75 with trust cheque #102 payable to Small Claims Court. 6. On August 9, you file a defence for Edna Garrett (Matter 2125). You pay the fee of $40 with trust cheque #103 payable to Small Claims Court. 7. You pay yourself $2,300 on August 15 with cheque #201. 8. You pay for office rent to Jackson Mall in the amount of $950 (plus HST) with general cheque #202 on September 3. 9. You are retained by Tony Micelli in Matter 2226. You receive $3,400 in trust to the credit of Matter 2226 (Small Claims) on September 8. Certified cheque #359. 10. On September 13, you issue the defendant's claim for Tony Micelli (Matter 2226). You pay the court fee of $75 with trust cheque #104 payable to Small Claims Court. 11. Matter 2050 goes to settlement conference on August 14. No settlement is reached at the settlement conference, or within 30 days thereafter. On September 14, you request a date for trial. The court fee of $100 is paid out of the trust account with cheque #105 payable to Small Claims Court 12. You pay Rogers Telephone for telephone expenses in the amount of $200, plus HST, on Sep- tember 15 with cheque #203. 13. On September 16, you deliver an interim invoice to Edna Garrett. Your fees, excluding HST, are $400. The total amount of invoice #100, including HST, is $452. 14. On September 17, you transfer the funds (ET #987) from trust to pay invoice #100. 15. On September 18, you deliver an interim invoice to Carol Seaver. Your fees, excluding HST, are $900. The total amount of invoice #101, including HST, is $1,017. 16. On September 19, you transfer the funds (ET #654) from trust to pay invoice #101. 17. On September 20, you deliver an interim invoice to Tony Micelli. Your fees, excluding HST, are $1,400. The total amount of invoice #102, including HST, is $1,582. 18. On September 22, you transfer the funds (ET #321) from trust to pay invoice #102. 19. You pay yourself $1,800 on September 26 with cheque #204. 20. You are retained by Arnold Jackson in Matter 2389. You receive $2,000 in trust to the credit of Matter 2389 (Small Claims) on September 29. Certified cheque #144. Practice Exercise 7.5 You are a new paralegal with a general bank account balance of $12,000. On August 1 you set up a mixed trust account for your paralegal practice. The following events take place in your first two months of business, August and September 20** 1. You pay for office rent to Jackson Mall in the amount of $950 (plus HST) with general cheque #200 on August 1. 2. You are retained by Carol Seaver in Matter 2050. You receive $2,500 in trust to the credit of Matter 2050 (Small Claims) on August 2. Certified cheque #658. 3. You are retained by Edna Garrett in Matter 2125. You receive 51,050 in trust to the credit of Matter 2125 (Small Claims) on August 3. Certified cheque #798. 4. On August 4, you issue the defendant's claim for Edna Garrett (Matter 2125). You pay the court fee of $75 with trust cheque #101 payable to Small Claims Court. 5. On August 6, you issue the plaintiff's claim for Carol Seaver (Matter 2050). You pay the court fee of $75 with trust cheque #102 payable to Small Claims Court. 6. On August 9, you file a defence for Edna Garrett (Matter 2125). You pay the fee of $40 with trust cheque #103 payable to Small Claims Court. 7. You pay yourself $2,300 on August 15 with cheque #201. 8. You pay for office rent to Jackson Mall in the amount of $950 (plus HST) with general cheque #202 on September 3. 9. You are retained by Tony Micelli in Matter 2226. You receive $3,400 in trust to the credit of Matter 2226 (Small Claims) on September 8. Certified cheque #359. 10. On September 13, you issue the defendant's claim for Tony Micelli (Matter 2226). You pay the court fee of $75 with trust cheque #104 payable to Small Claims Court. 11. Matter 2050 goes to settlement conference on August 14. No settlement is reached at the settlement conference, or within 30 days thereafter. On September 14, you request a date for trial. The court fee of $100 is paid out of the trust account with cheque #105 payable to Small Claims Court 12. You pay Rogers Telephone for telephone expenses in the amount of $200, plus HST, on Sep- tember 15 with cheque #203. 13. On September 16, you deliver an interim invoice to Edna Garrett. Your fees, excluding HST, are $400. The total amount of invoice #100, including HST, is $452. 14. On September 17, you transfer the funds (ET #987) from trust to pay invoice #100. 15. On September 18, you deliver an interim invoice to Carol Seaver. Your fees, excluding HST, are $900. The total amount of invoice #101, including HST, is $1,017. 16. On September 19, you transfer the funds (ET #654) from trust to pay invoice #101. 17. On September 20, you deliver an interim invoice to Tony Micelli. Your fees, excluding HST, are $1,400. The total amount of invoice #102, including HST, is $1,582. 18. On September 22, you transfer the funds (ET #321) from trust to pay invoice #102. 19. You pay yourself $1,800 on September 26 with cheque #204. 20. You are retained by Arnold Jackson in Matter 2389. You receive $2,000 in trust to the credit of Matter 2389 (Small Claims) on September 29. Certified cheque #144
