Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2019, Cecil Jameson, Attorney-at-Law, has the following assets and liabilities:

Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2019, Cecil Jameson, Attorney-at-Law, has the following assets and liabilities: cash, $ 1,000; accounts receivable, $ 3,200; supplies, $ 850; land, $ 10,000; accounts payable, $ 1,530. Office space and office equipment are currently being rented, pending the construction of an office complex on land purchased last year. Business transactions during July are summarized as follows:

a. Received cash from clients for services, $ 3,928 last July 4.

b. Paid creditors on account, $ 1,055 last July 4.

c. Received cash from Cecil Jameson as an additional investment, $ 3,700 last July 5.

d. Paid office rent for the month, $ 1,200 last July 6.

e. Charged clients for legal services on account, $ 2,025 last July 10.

f. Purchased supplies on account, $ 245 last July 12.

g. Received cash from clients on account, $ 3,000 last July 12.

h. Received last July 15,invoice for paralegal services from Legal Aid Inc. for July (to be paid on August 10), $ 1,635.

i. Paid the following: wages expense, $ 850; answering service expense, $ 250; utilities expense, $ 325; and miscellaneous expense, $ 75 last July 20.

j. Determined that the cost of supplies on hand was $ 980; therefore, the cost of supplies

used during the month was $ 115.

k. Jameson withdrew $ 1,000 in cash from the business for personal use by end of month.

Requirements:

1. Record the journal entries for the month of July 2019.

2. Post the entries to the general ledger and prepare a trial balance.

PS: please also attach the equation for each entries or the raw spreadsheet if possible, so that I may study it for future purposes. Thank you!

Step by Step Solution

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_2

Step: 3

blur-text-image_3

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

Fundamental Accounting Principles

Authors: John J Wild, Ken Shaw

25th Edition

1260247988, 978-1260247985

More Books

Students also viewed these Accounting questions