Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started