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On July 31, 2022, the general ledger of Blossom Legal Services Inc showed the following balances: Cash $4,800, Accounts Receivable $1,800, Supplies $600. Equipment $6.000,
On July 31, 2022, the general ledger of Blossom Legal Services Inc showed the following balances: Cash $4,800, Accounts Receivable $1,800, Supplies $600. Equipment $6.000, Accounts Payable $4.920, Common Stock $4.200, and Retained Earnings $4,080. During August, the following transactions occurred. Collected $1.440 of accounts receivable due from customers Received $1.560 cash for issuing common stock to new investors. Paid $3,240 cash on accounts payable Performed legal services of $7,800, of which $3,600 was collected in cash and the remainder was due on account. Purchased additional equipment for $1.440. paying $480 in cash and the balance on account. Paid salaries $4,200, rent $1,080, and advertising expenses $330 for the month of August Collected the balance for the services performed on August 7. Paid cash dividend of $600 to stockholders. Billed a client $1.200 for legal services performed. Received $2.400 from Laurentian Bank the money was borrowed on a banknote payable that is due in 6 months. Agreed to perform legal services for a client in September for $5,400. The client will pay the amount owing after the services have been performed. Received the utility bill for the month of August in the amount of $330; it is not due until September 15. 31 Paid income tax for the month $600. Aug 3 5 6 7 12 14 18 20 24 26 27 28 Using T-accounts, enter the beginning balances to the ledger. Cash Aug. 6 Accounts Recelvable Aug. 18 Supplies Aug. 6 Equipment Aug. 12 Accounts Payable Aug. 12 Common Stock Aug. 5 Retained Earnings
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