mn Journalizing transactions, posting journal entries to four-colu accounts, and preparing a trial balance Terrence Murphy opened a law office on January 1, 2018. During the first month of operations, the business completed the following transactions Jan. 1 Murphy contributed $78,000 cash to the business, Terrence Murphy Attorney. The business gave capital to Murphy. Purchased office supplies, $600, and furniture, $1,700, on account. Performed legal services for a client and received $1,000 cash. Purchased a building with a market value of $130,000, and land with a market value of $25,000. The business paid $25,000 cash and signed a note payable to the bank for the remaining amount. 3 4 7 11 Prepared legal documents for a client on account, $400. 15 Paid assistant's semimonthly salary, $1,120. 16 Paid for the office supplies purchased on January 3 on account. 18 Received $2,700 cash for helping a client sell real estate. 19 Defended a client in court and billed the client for $1,800. 25 Received a bill for utilities, $600. The bill will be paid next month. 29 Received cash on account, $1,500 30 Paid $1,200 cash for a 12-month insurance policy starting on February 1. 30 Paid assistant's semimonthly salary, $1,120. 31 Paid monthly rent expense, $1,800. Murphy withdrew cash of $2,200