Terrence Murphy opened a law office on January 1, 2017. During the first month of operations, the business completed the following transactions: (Click the icon to view the transactions.) Requirement 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Furniture; Building; Land; Accounts Payable; Utilities Payable; Notes Payable; Murphy, Capital; Murphy, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 1: Murphy contributed $77,000 cash to the business, Terrence Murphy, Attorney. The business gave capital to Murphy. Jan. I Murphy contributed $77,000 cash to the business, Terrence Murphy, Attorney. The business gave capital to Murphy. 3 Purchased office supplies, $1,300, and furniture, $2,100, on account. 4 Performed legal services for a client and received $1,800 cash. 7 Purchased a building with a market value of $140,000, and land with a market value of $28,000. The business paid $70,000 cash and signed a note payable to the bank for the remaining amount. 11 Prepared legal documents for a client on account, $1,400. 15 Paid assistant's semimonthly salary, $1,130. 16 Paid for the office supplies purchased on January 3 on account. 18 Received $2.500 cash for helpina a client sell real estate. Received $2,500 cash for helping a client sell real estate. Defended a client in court and billed the client for $1,600. Received a bill for utilities, $200. The bill will be paid next month. Received cash on account, $2,000. Paid $2,400 cash for a 12-month insurance policy starting on February 1. Paid assistant's semimonthly salary, $1,130. Paid monthly rent expense, $1,600. Murphy withdrew cash of $2,500. Requirements 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Furniture; Building; Land; Accounts Payable; Utilities Payable; Notes Payable; Murphy, Capital; Murphy, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. The following four-column accounts have been opened for each of the accounts. Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Furniture, 141; Building, 151; Land, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Murphy, Capital, 301; Murphy, Withdrawals, 311; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531. Requirements not requirea. 2. The following four-column accounts have been opened for each of the accounts. Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Furniture, 141; Building, 151; Land, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Murphy, Capital, 301; Murphy, Withdrawals, 311; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal. 3. Prepare the trial balance of Terrence Murphy, Attorney, at January 31 , 2017
