Question
Maria Sanchez began business as Sanchez Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided (1
Maria Sanchez began business as Sanchez Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided (1 point each = 8 points total). Then, prepare a trial balance, as of November 30 (10 points). a) Sanchez invested $15,000 cash and a law library valued at $6,000. b) Purchased $7,500 of office equipment from Johnson Bros. on credit. c) Completed legal work for a client and received $1,500 cash in full payment. d) Paid Johnson Bros. $3,500 cash in partial settlement of the amount owed. e) Completed $4,000 of legal work for a client on credit. f) Sanchez withdrew $2,000 cash for personal use. g) Received $2,500 cash as partial payment for the legal work completed for the client in (e). h) Paid $2,500 cash for the legal secretary's salary.
Cash | Office Equipment | M. Sanchez, Withdrawals | |||||
Accounts Receivable | Accounts Payable | Legal Fees Earned | |||||
Law Library | M. Sanchez, Capital | Salaries Expense | |||||
Sanchez Law Firm
Trial Balance
November 30
Account Debit Credit
Cash
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