Jane James opened a law office, Jane Attorney, on March 2 of the current year. During the first month of operations, the business completed the following transactions:

Mar. 2 Jane deposited $30,000 cash in the business bank account, Jane Attorney.

3 Purchased supplies, $500, and furniture, $2,600, on account.

4 Received $13,800 cash from a client for legal services to be performed evenly over the next 12 months, starting from the current month.

7 Paid cash to acquire the office building, $22,000. The facility will have a useful economic life of 20 years and have a residual value of $1,000.

15 Paid for the furniture purchased March 3 on account.

29 Revenues earned during the month included $2,000 cash and $5,500 on account.

31 Paid salaries $2,570 and utilities $320.

31 Recorded service revenue earned in relation to the March 4 transaction.

31 Recorded furniture depreciation for the month, $340.

31 Recorded building depreciation for the month (calculation needed).

Required:

Using the steps outlined in the five-step transaction analysis, record the transactions in the company Journal and then in the General Ledger (T-accounts).

Prepare an Adjusted Trial Balance at the end of the period.

Prepare the income statement, the statement of owners equity, and the balance sheet.