Date Account Dr Cr 2023-01-01 Cash In Bank and On Hand $21,000 CAPITAL $21,000 Being Kingsley contributed $21,000 of his personal funds into the legal practice Date Account Dr Cr 2023-01-01 Insurance Expense $1,200 Prepaid Insurance $1,200 Cash In Bank and On Hand $2,400 Being amount paid for insurance for the legal practice. This insurance will cover the period 1 January 2023 - 31 December 2023 Date Account Dr Cr 2023-01-01 Rent Expense $500 Prepaid Rent $1,000 Cash In Bank and On Hand $1,500 Being rent paid $1500, this rent will cover the period 1 January 2023 - 31 March 2023 Date Account Dr Cr 2023-01-02 General and Administrative Expenses $400 Cash In Bank and On Hand $400 Being amount $400 paid for purchased of advertising flyers. Date Account Dr Cr 2023-01-03 Equipment $5,000 Cash $5,000 Being office equipment purchased for cash $5,000. Date Account Dr Cr 2023-01-10 Cash In Bank and On Hand $3,200 Deferred (unearned) Revenue $3,200 Being received $3200 in advance for providing service (Court appearance) in the month of february. Date Account Dr Cr 2023-01-15 Cash In Bank and On Hand $700 Service Revenues $700 Being amount received for legal service provided to a client Date Account Dr Cr 2023-01-18 Cash $700 Cash In Bank and On Hand $700 Being $700 withdrew from business bank account to cover some personal expenses. Date Account Dr Cr 2023-01-20 Income Tax Expense (Benefit) $800 Accrued Tax Liability $800 Being advance tax $800 payable by 8 Febuary 2023. Date Account Dr Cr 2023-01-24 Cash In Bank and On Hand $1,000 Service Revenues $1,000 Being amount $1000 received for legal service provided to a client. Date Account Dr Cr 2023-01-25 Accounts Receivable $750 Service Revenues $750 Being amount due to received from client for legal service provided during the month. Date Account Dr Cr 2023-01-27 Accrued Tax Liability $800 Cash In Bank and On Hand $800 Being advance tax paid $800 in relation to the 20 january invoice. Date Account Dr Cr 2023-01-31 Administrative Expenses $100 Accounts Payable $100 Being amount payable for telephone and internet charges by 28 February 2023 Date Account Dr Cr 2023-01-31 Bank charges $11 Cash In Bank and On Hand $11 Being amount $11 were deducted from bank account for bank fees Date Account Dr Cr 2023-01-31 Cash In Bank and On Hand $2 Interest Income $2 Being interest revenue of $2 was added to the bank account for interest earned. Date Account Dr Cr Accumulated Depreciation - Equipment $100 Gross Profit $100 Being Depreciation on equipment charges $100 make income statement and balance sheet of this entries