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Question 2 Mary Malone opens her office, Malone Law, on July 1, 2020. During the first month of operations, the following transactions occurred: July 1
Question 2 Mary Malone opens her office, Malone Law, on July 1, 2020. During the first month of operations, the following transactions occurred: July 1 Invested $10,000 in cash in the law practice business July 5 Paid $800 for July rent on office space July 7 Purchased office equipment on account, $3,000 July 24 Rendered legal services to clients for cash, $1,500 July 31 Rendered legal services to client on account, $2,000 July 31 Paid monthly expenses: salaries $500, utilities $300, and telephone $100 The company uses the following accounts: Cash (101) Accounts Payable (201) Telephone expense (504) Accounts Receivable (102) Malone, Capital (301) Rent Expense (503) Office Equipment (110) Legal Service Revenue (401) Salaries Expense (502) Utilities Expense (501) Required: a. Prepare accounting entries for the above transactions in a general journal b. Post the entries in the general ledger using T accounts C. Prepare an unadjusted trial balance
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