Transaction Analysis and Trial Balance Daniel Kelly, an attorney, opened his law practice on October 1. Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance: 1) Kelly started his law practice by contributing $24,375 cash to the business on October 1 , receiving shares of common stock in the company 2) Purchased office equipment on account, $13,000. 3) Paid office rent for October, $875. 4) Paid $12,000 to access online legal database for two years. 5) Billed clients for services rendered, $14,125. 6) Made $7,500 payment on account for the equipment purchased on October 2. 7) Paid legal assistant's salary, $3,500. 8) Collected $11,750 from clients previously billed for services. 9) Received invoice for October utilities, $225; it will be paid in November. 10) The company paid stockholders $1,875 as a cash dividend