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CANNOT SEEM TO FIGURE THIS OUT Oct. 1 Kelly started his law practice by contributing $26,500 cash to the business on October 1, receiving shares
CANNOT SEEM TO FIGURE THIS OUT
Oct. 1 Kelly started his law practice by contributing $26,500 cash to the business on October 1, receiving shares of com stock in the company. mon 2 Purchased office equipment on account, $11,100. 3 Paid office rent for October, $1,400. 4 Paid $10,300 to access online legal database for two years. 5 Billed clients for services rendered, $12,000. 6 Made S6,700 payment on account for the equipment purchased on October 2. 7 Paid legal assistants salary, s3,500. 8 Collected S10,100 from clients previously billed for services. 9 Received invoice for October utilities, $880; it will be paid in November. 10 Paid stockholders $2,200 as a cash dividend. Database Office Equipment Accounts Payable on Retained Stock Earnings Subscription 0 S 26,500 k 11,100 11,100 1,400 X 1,400 X 10,300 X 10.300 12,000 12,000 10.100 880 2,200 X 10 SStep by Step Solution
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