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Mary Tan opens her own law office on Jan 1, 2020. During the first month of operations, the following transactions occurred: 1. Invested $10,000 in
Mary Tan opens her own law office on Jan 1, 2020. During the first month of operations, the following transactions occurred: 1. Invested $10,000 in cash in the law practice 2.Paid $800 for January rent on office space. 3.Purchased office equipment on account, $3,000. 4. Rendered legal services to clients for cash, $1,500. 5.Borrowed $700 cash from a bank on a note payable. 6.Rendered legal services to clients on account, $2,000. 7.Paid monthly expenses: salaries, $500; utilities, $300; and telephone, $100 Instructions: a.Prepare a tabular summary of the transactions b.Prepare journal, T-accounts, and Trial Balance c. Prepare the income statement and balance sheet at January 31 for Mary Tan, Attorney at Law
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