Question
Mary Sunny began business as Sunny Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Next,
Mary Sunny began business as Sunny Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Next, prepare a trial balance as of November 30.
Part A Mary invested $15,000 cash and a law library valued at $6,000.
Part B Purchased $7,500 of office equipment from John Bronx on credit. Part
C Completed legal work for a client and received $1,500 cash in full payment.
Part D Paid John Bronx $3,500 cash in partial payment of the amount owed.
Part E Completed $4,000 of legal work for a client on credit.
Part F Mary withdrew $2,000 cash from the business for personal use.
Part G Received $2,500 cash as partial payment for the legal work completed for the client in (e).
Part H Paid $2,500 cash for the secretarys salary.
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