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Dyna Corp., a legal firm, completed the following transactions during the month of January, its first month of operations. 1. Jan. 1 Issued 5,000 shares
Dyna Corp., a legal firm, completed the following transactions during the month of January, its first month of operations. 1. Jan. 1 Issued 5,000 shares of common stock for $25,000 cash. 2. Jan. 3 Purchased $30,000 of office equipment by paying $2,500 cash and by signing a one-year, 10% interest-bearing note payable for the remaining balance. 3. Jan. 3 Purchased $1,500 supplies on account. Hint: Debit supplies. 4. Jan. 4 Performed $2,000 of legal services on account. 5. Jan. 6 Received a $750 cash deposit from a new client for legal work to commence next month. 6. Jan. 10 Paid $2,500 cash for a 12-month insurance policy. 7. Jan. 13 Paid cash to settle the account for supplies purchased on January 3. 8. Jan. 20 Performed legal services for $2,500 cash. 9. Jan. 30 Collected $1,000 cash from customer on account for legal services performed on January 4, 10. Jan. 31 Paid $1,500 cash in salaries for the month of January. 11. Jan. 31 Paid $500 cash dividends to shareholders. 12. Jan. 31 Paid $2,500 cash for January rent. Using the information above, complete the following requirements. a Post the journal entries 1 through 12 to T-accounts (serving as a ledger), and determine the ending balance in each T-account Note: Enter amounts in the order that they are presented above (1 through 125 using the first answer field on the appropriate side of the T-account. Not all answer fields will be used. Do not enter dates Cash Note Payable Service Revenue Office Equipment Common Stock Salaries Expense Accounts Receivable Accounts Payable Dividends Rent Expense Supplies Deferred Revenue b. Prepare an unadjusted trial balance from the ledger in part a. Note: Do not use negative signs with your answers. Dyna Corp. Unadjusted Trial Balance January 31, 2020 Description Debit Credit Cash $ $ Accounts Receivable Supplies Prepaid insurance Office equipment Accounts Payable Deferred revenue Note payable Common stock Dividends Service revenue Salaries expense Rent expense Totals $ $
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