Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, 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 a 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 in each account and prepare a trial balance sheet as of October 31.

1 Jennings started his law practice by contributing $21,500 cash to the business on October 1, receiving shares of common stock in the company.

2 Purchased office equipment on account, $11,400.

3 Paid office rent for October, $1,100.

4 Paid $9,750 to access online legal database for two years.

5 Billed clients for services rendered, $14,000.

6 Made $6,000 payment on account for the equipment purchased on October 2.

7 Paid legal assistant's salary, $2,800.

8 Collected $7,500 from clients previously billed for services.

9 Received invoice for October utilities, $190; it will be paid in November.

10 Paid stockholders $1,500 as a cash dividend.

Accounting Equation Journal Entries T-Accounts Trial Balance General Journal Ref. Description Debit Credit (1) To record stockholder contribution. (2) To record office equipment purchased on account. (3) To record payment of rent expense. (4) To record prepayment for database service. (5) To record billing for legal services. (6) To record payment on equipment. (7) To record payment of salaries. (8) To record receipt of cash from customers. (9) To record utilities expense. (10) To record cash payment of dividends.

Chapter 2 Homework (Graded) 8 Collected \$/,50U trom cilents previously billed tor services. 9 Received invoice for October utilities, $190; it will be paid in November. 10 Paid stockholders $1,500 as a cash dividend. AccountingEquationJournalEntriesT-Accounts \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ Cash } \\ \hline(1) & 0 & 0 \\ \hline(3) & 0 & 0 \\ \hline(4) & 0 & 0 \\ \hline(6) & 0 & 0 \\ \hline(7) & 0 & 0 \\ \hline(8) & 0 & 0 \\ \hline(10) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline & Accounts Receivable \\ \hline(5) & 0 & 0 \\ \hline(8) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|lr|r|} \hline \multicolumn{3}{c}{ Office Equipment } \\ \hline(2) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|lr|c} \multicolumn{3}{c}{ Legal Database Subscription } \\ \hline(4) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{ Accounts Payable } \\ \hline(2) & 0 & 0 \\ \hline(6) & 0 & 0 \\ \hline(9) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c}{ Common Stock } \\ \hline(1) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \multicolumn{3}{|c}{ Dividends } \\ \hline(10) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|lr|r} \hline & \multicolumn{2}{c}{ Legal Fees Earned } \\ \hline (5) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \multicolumn{3}{|c}{ Salaries Expense } \\ \hline(7) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \multicolumn{3}{|c}{ Rent Expense } \\ \hline(3) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|lr|r|} \multicolumn{3}{c}{ Utilities Expense } \\ \hline(9) & 0 & 0 \\ \hline Bal & 0 & 0 \\ \hline \end{tabular}