Ex. 259 An analysis of the transactions made by K. T. Lang & Co., a law firm, for the month of July is shown below. Assets Liab. Equity Retained Earnings Accounts Accounts Share Cash + Receivable + Supplies + Equipment Payable + Cap. + Rev. - Exp. - Div. II 1. 2. 3. 4. 5. 6. +15,000 +15,000 2,000 +5,000 +3,000 750 +750 + 2,500 +6,600 + 9,100 1,500 1,500 2,500 - 2,500 650 650 + 550 550 3,500 3,500 + 500 500 7. 8. 9. 10. Instructions Prepare a statement of financial position at July 31, 2014. Solution 259 K. T. LANG & CO. Statement of Financial Position July 31, 2014 Assets 5,000 750 Equipment Supplies Accounts receivable 6,050 Cash Total assets 7,150 18,950 15,000 16,950 Equity and Liabilities Equity Share capital-ordinary Retained earnings 1,950 Liabilities Accounts payable 2,000 Total equity and liabilities 18,950 Question is (How to do the trail balance and T.account for these statement) With explanation please Solve for: a)Journal entry b)t.account (The account) c) trial Balance Ex. 259 An analysis of the transactions made by K. T. Lang & Co., a law firm, for the month of July is shown below. Assets Liab. Equity Retained Earnings Accounts Accounts Share Cash + Receivable + Supplies + Equipment Payable + Cap. + Rev. - Exp. - Div. II 1. 2. 3. 4. 5. 6. +15,000 +15,000 2,000 +5,000 +3,000 750 +750 + 2,500 +6,600 + 9,100 1,500 1,500 2,500 - 2,500 650 650 + 550 550 3,500 3,500 + 500 500 7. 8. 9. 10. Instructions Prepare a statement of financial position at July 31, 2014. Solution 259 K. T. LANG & CO. Statement of Financial Position July 31, 2014 Assets 5,000 750 Equipment Supplies Accounts receivable 6,050 Cash Total assets 7,150 18,950 15,000 16,950 Equity and Liabilities Equity Share capital-ordinary Retained earnings 1,950 Liabilities Accounts payable 2,000 Total equity and liabilities 18,950 Question is (How to do the trail balance and T.account for these statement) With explanation please Solve for: a)Journal entry b)t.account (The account) c) trial Balance