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Thomas Maki opened a law office on January 1, 2018. During the first month of operations, the business completed the following transactions: (Click the icon
Thomas Maki opened a law office on January 1, 2018. During the first month of operations, the business completed the following transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; 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: Maki contributed $75,000 cash to the business, Thomas Maki, Attorney. The business issued common stock to Maki Date Jan. 1 Common Stock Cash Accounts Post. Ref. Debit Credit 75000 75000 Jan. 3: Purchased office supplies, $500, and furniture, $1,200, on account. Date Jan. 31 Accounts and Explanation Jan. 4: Performed legal services for a client and received $900 cash. Date Jan. 4 Cash Service Revenue Accounts Post. Ref. Debit Credit Post. Ref. Debit Credit 900 900 Jan. 7: Purchased a building with a market value of $150,000, and land with a market value of $24,000. The business paid $45,000 cash and signed a note payable to the bank for the remaining amount Date Jan. 7 Accounts and Explanation Post. Ref. Debit Credit Jan. 11: Prepared legal documents for a client on account, $300. Date Jan 11 Accounts Accounts Receivable Post. Ref. Debit Credit 300 Thomas Maki opened a law office on January 1, 2018. During the first month of operations, the business completed the following transactions (Click the icon to view the transactions.) Read the requirements Jan. 15: Paid assistant's semimonthly salary, $1,170. Date Jan, 15 Accounts Jan. 16: Paid for the office supplies purchased on January 3 on account Date Jan. 161 Accounts Jan. 18: Received $2,900 cash for helping a client sell real estate. Date Jan. 18 Accounts Jan. 19: Defended a client in court and billed the client for $900. Date Jan. 19 Accounts Jan. 25: Received a bill for utilities, $300. The bill will be paid next month. Date Jan. 25 Accounts Post. Ref. Debit Credit Post. Ref. Debit Credit Post. Ref. Debit Credit Post. Ref. Debit Credit Post. Ref. Debit Credit Jan. 29: Received cash on account, $300. (Assume the collection was received from a customer for a previous sale on account.) Date Jan. 29 Accounts Post. Ref. Debit Credit Jan. 29: Received cash on account, $300. (Assume the collection was received from a customer for a previous sale on Date Jan. 29 Accounts Post. Ref. Debit Jan. 30: Paid $1,080 cash for a 12-month insurance policy starting on February 1. Date Jan. 30 Accounts Jan. 30: Paid assistant's semimonthly salary, $1,170. Date Jan. 30 Accounts Jan. 31: Paid monthly rent expense, $1,000. Date Jan. 31 Jan. 31: Paid cash dividends of $2,800. Date Jan. 31 Credit Post. Ref. Debit Credit Post. Ref. Debit Credit Accounts Post. Ref. Debit Credit Accounts Post. Ref. Debit Credit
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