Daniel Kelly, an attorney, opened his law practice on October 1.

Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance:

1. Kelly started his law practice by contributing $31,200 cash to the business on October 1, receiving shares of common stock in the company.
2. Purchased office equipment on account, $16,640.
3. Paid office rent for October, $1,120.
4. Paid $15,360 to access online legal database for two years.
5. Billed clients for services rendered, $18,080.
6. Made $9,600 payment on account for the equipment purchased on October 2.
7. Paid legal assistant's salary, $4,480.
8. Collected $15,040 from clients previously billed for services.
9. Received invoice for October utilities, $288; it will be paid in November.
10. The company paid stockholders $2,400 as a cash dividend.

8) To record recelpt of cash from customers 9) To record utilties expense 10) To record cash payment of dividends