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Kayla Smith incorporated Smith Legal Pty Ltd, a law practice, on 1 July 2020. The following events occurred in the month of July. July 1Shareholders
Kayla Smith incorporated Smith Legal Pty Ltd, a law practice, on 1 July 2020. The following events occurred in the month of July. July 1Shareholders invested $80 000 cash in exchange for company shares 3 Hired a paralegal at a salary of $2800 per month. 4 Purchased office supplies on account from Walter Supply Ltd for $3500. 7 Paid office rent of $5400 for the month of July. 11 Invoiced clients $5800 for legal services provided. 12 Received $4000 advance from a client for legal consulting engagement. 17 Received cash of $1600 for a completed legal case. (Not related to July 11 transaction) 31Paid paralegal salary of $2800. 31Paid 30 percent of amount owing to Walter 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)
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