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 trial balance as of October 31.

Oct.	1	Thomas started his law practice by contributing $17,500 cash to the business on October 1; he received common stock for his investment.
	2	Purchased office equipment on account, $14,000.
	3	Paid office rent for October, $700.
	4	Paid $11,600 to access online legal database for two years.
	5	Billed clients for services rendered, $11,300.
	6	Made $6,000 payment on account for the equipment purchased on October 2.
	7	Paid legal assistant's salary, $3,100.
	8	Collected $9,400 from clients previously billed for services.
	9	Received invoice for October utilities, $180; it will be paid in November.
	10	The firm paid stockholders $1,500 cash as a dividend.

Note:Use a negative sign with your answers below when appropriate.Provide answers in each section.

• Accounting Equation