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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:
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 Eamed 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 59.750 to access online legal database for two years. 5 Billed clients for services rendered, $14,000 6 Made 56,000 payment on account for the equipment purchased on October 2 7 Paid legal assistant's salary, 52,800 8 Collected 57.500 from clients previously billed for services 9 Received invoice for October utilities, 5190, it will be paid in November 10 Paid stockholders $1.500 as a cash dividend. Support Accounting Equation Journal Entries T-Accounts Trial Balance Note: Use negative signs with your answers below, when appropriate Cash Accounts Receivable. Database Subscription Office Equipment Accounts Payable. Common Stock Retained Earnings 2 3 4 5 Accounting Equation Journal Entries T-Accounts Trial Balance Note: Use negative signs with your answers below, when appropriate. Cash + Accounts Receivable - Database Subscription + Office Equipment - Accounts Payable + Common Stock - Retained Earnings $ 1 S 2 3 4 5 6 7 8 9 10 $ + S $ + S + $ Check
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