Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mathew Thomas 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 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 for each account and prepare a trial balance as of October 31. Oct. 1 Thomas started his law practice by contributing $21,500 cash to the business on October 1; he received common stock for his investment. 2 Purchased office equipment on account, $12,500. 3 Paid office rent for October, $800. 4 Paid $11,700 to access online legal database for two years. 5 Billed clients for services rendered, $11,400. 6 Made $6,100 payment on account for the equipment purchased on October 2. 7 Paid legal assistant's salary, $2,900. 8 Collected $9,500 from clients previously billed for services. 9 Received invoice for October utilities, $280; it will be paid in November 10 The firm paid stockholders $2,100 cash as a dividend. Note: Use a negative sign with your answers below, when appropriate. Cash + Accounts Receivable + Database Subscription + Office Equipment - Accounts Payable + Common Stock + Retained Earnings 0 $ 0 0 + $ 0 + $ 0 + $ O + $ 0 + $ General Journal Description Ref. Debit Credit To record stockholder contribution. To record office equipment purchased on account. To record payment of rent expense. To record prepayment for database service. To record billing for legal services. OO OO OO OO OO OOOO OO OO To record payment on equipment. To record payment of salaries. To record receipt of cash from clients. To record utilities expense. (10) To record cash payment of dividends. Cash Accounts Receivable (5) (8) Bal Office Equipment (2) 0 0 Balo o 0 Legal Database Accounts Payable Common Stock Dividends (10) Bal Bal 0 0 Bal 0 0 0 0 Salaries Expense Rent Expense Utilities Expense Legal Fees Earned (5) 0 0 Baloo Baloo Bal00 Baloo Determine the balance in each account and prepare a trial balance sheet as of October 31. MATTHEW THOMAS Trial Balance October 31 Debit Credit Cash 0 $ Accounts Receivable Office Equipment Legal Database Subscription Accounts Payable Common Stock Dividends Legal Fees Earned Salaries Expense Rent Expense Utilities Expense Totals $ 0 $