Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mary Sunny began business as Sunny Law Firm on November 1. How do I record the following November transactions by making entries directly to the

Mary Sunny began business as Sunny Law Firm on November 1. How do I record the following November transactions by making entries directly to the T-accounts provided. Next, How do I prepare 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 secretary's salary.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Financial Accounting

Authors: Charles T Horngren, John A Elliott

9th Edition

ISBN: 0131479725, 978-0131479722

More Books

Students also viewed these Accounting questions