Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help please! Nate Hanks incorporated Hanks Legal Pty Ltd, a law practice, on 1 July 2020. The following events occurred in the month of July.

image text in transcribed

Help please!

Nate Hanks incorporated Hanks Legal Pty Ltd, a law practice, on 1 July 2020. The following events occurred in the month of July. July 1Shareholders invested $96 000 cash in exchange for company shares 3 Hired a solicitor at a salary of $4000 per month. 4Purchased office supplies on account from Muji Supply Ltd for $2500. 7 Paid office rent of $3400 for the month of July. 11 Invoiced clients $4900 for legal services provided. 12 Received $5000 advance from a client for legal consulting engagement. 17 Received cash of $1900 for a completed legal case. (Not related to July 11 transaction) 31 Paid solicitor salary of $4000. 31 Paid 60 percent of amount owing to muji Supply Ltd. Required a) Journalise the transactions, narrations not required. (13 Marks) b) Prepare an unadjusted trial balance as at 31 July 2020. (7 Marks) (Total 20 Marks)

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

Step: 3

blur-text-image

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

Consolidated Financial Reporting

Authors: Paul Taylor

1st Edition

1853962503, 9781853962509

More Books

Students also viewed these Accounting questions

Question

c. What is the persons contact information?

Answered: 1 week ago

Question

LO6 Define harassment and the role that HR plays in addressing it.

Answered: 1 week ago