SIA Make T-accounts for the following accounts that appear in the general ledger of Daniel Kelly, an attorney: Cash; Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable; Common Stock, Dividends; Legal Fees Earned; Salaries Expense, Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T-accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trial balance sheet as of October 31 Question 2 Not complete Marked out of 30.00 P Flag question Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Daniel Kelly, an attorney. Cash; Accounts Receiva Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the follo Oct.|||1 Kelly started his law practice by contributing 521,500 cash to the business on October 1, receiving shares of common stock in the company. 2 Purchased office equipment on account. $11.400. 3 Paid office rent for October, 5900. 4 Paid $9.750 to access online legal database for two years 5 Billed clients for services rendered, 511,500. 6 Made 56.000 payment on account for the equipment purchased on October 2 7 Paid legal assistant's salary, 52.800. 8 Collected 58.400 from clients previously billed for services. 9. Received invoice for October utilities. 5190: it will be paid in November 10 Paid stockholders $2,000 as a cash dividend. Cash + Accounts Receivable + Database Subscription + Office Equipment - Accounts Payable + Common Stock - Retained On a un a win oooooo OOOOOOOO OOOOOOOO OOOOOOOOO Cash + Accounts Receivable + Database Subscription $ Office Equipment - Accounts Payable Common Stock Retained Earnings 0 OOOOO OOOOOOOOOOO O + 5 General Journal Date Description Debit Credit To record stockholder contribution. o o To record office equipment purchased on account o o To record payment of rent expense. o o To record prepayment for database service o o To record bring for legal services o o To record payment on equipment o o General Journal Description Date Debit Credit (1) 0 0 To record stockholder contribution. To record office equipment purchased on account. To record payment of rent expense. 0 0 To record prepayment for database service. 0 To record billing for legal services. (6) To record payment on equipment. To record payment of salaries. OOOOOOOOOOOO To record receipt of cash from clients. To record utilities expense. (10) Accounts Receivable (3) Cash Accounts Receivable Office Equipment Legal Database Subscription Accounts Payable Common Stock Dividends Legal Fees Earned Salarles Expense Rent Excense t ities Expense o Accounts Payable Common Stock To record cash payment of dividends. Accounts Receivable Office Equipment Legal Database Common Stock Legal Fees Earned Salaries Expense 0 Blo Determine the balance in each account and prepare a trial balance sheet as of October 31 DANIEL KELLY, ATTORNEY AT LAIN Trial Balance October 31 Debt Credit Account cevabe Orice ou met Lepal Database Subson Accounts Common Stock Das Sexe Rente oooo
