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Joan Robinson opens her own law office on July 1, 2021. During the first month of operations, the following transactions occurred. 1. Joan invested Tk.1,10,000
Joan Robinson opens her own law office on July 1, 2021. During the first month of operations, the following transactions occurred. 1. Joan invested Tk.1,10,000 in cash in the law practice. 2. Paid Tk. 8,000 for July rent on office space. 3. Purchased office equipment on account Tk. 30,000. 4. Provided legal services to clients for cash Tk. 15,000. 5. Borrowed Tk. 7,000 cash from a bank on a note payable. 6. Performed legal services for client on account Tk. 20,000. 7. Paid monthly expenses: salaries and wages Tk. 5,000, utilities Tk. 3,000, and supplies Tk. 1,000. 8. Joan withdraws Tk. 10,000 cash for personal use. Instructions: (a) Prepare a tabular summary of the transactions. (6) Prepare the income statement, owner's equity statement, and balance sheet at July 31 for Joan Robinson, Attorney
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