Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following Octobe identifying the transaction. Determine the balance for each account and prepare a trial balance as of October 31. 1 Langley started his law practice by contributing $18,000 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 $12,500 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, $250; 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. Accounting Equation Journal Entries T-Accounts Trial Balance Cash 1 $ 0 + Accounts Receivable + Database Subscription + Office Equipment = Accounts Payable + Common Stock + Retained Earnings $ 0 $ 0 $ 0 $ 0 $ $ 0 0 0 0 0 2 0 3 0 0 0 0 0 4 0 0 0 0 0 5 0 0 0 0 0 6 0 0 0 0 0 7 0 0 0 0 0 8 0 0 0 0 9 0 0 0 0 Oo oo 10 0 0 0 0 $ 0 + $ 0 + $ 0 + $ 0 = $ 0 + $ 0 + $ 0 0 0 0 MATT LANGLEY, ATTORNEY-AT-LAW Trial Balance October 31 Debit Credit Cash $ 0$ Accounts Receivable 0 Office Equipment 0 Legal Database Subscription 0 Accounts Payable 0 Common Stock 0 Dividends 0 Legal Fees Earned 0 Salaries Expense 0 Rent Expense 0 Utilities Expense 0 Totals $ 0 $ 0 0 0 0 0 0 0 0 0 Rel. (1) 0 0 0 > 0 To record stockholder contribution. (2) 0 0 > 0 0 To record office equipment purchased on account. (3) 0 0 0 0 To record payment of rent expense. (4) > 0 0 > 0 0 To record prepayment for database service. (5) 0 0 0 0 To record billing for legal services. (6) 0 0 0 0 To record payment on equipment. (7) 0 0 > 0 0 To record payment of salaries. (8) . 0 0 > 0 0 To record receipt of cash from clients. (9) . 0 0 0 0 To record utilities expense. (10) 0 0 0 0 To record cash payment of dividends. Cash Accounts Receivable Office Equipment 0 0 (5) 0 0 0 0 (1) (3) (4) (2) Bal 0 (8) 0 0 0 0 0 Bal 0 0 (6) 0 (7) o o o o o ol 0 0 (8) (10) Bal 0 0 0 Common Stock Legal Database Subscription 0 Accounts Payable 0 Dividends 0 (4) 0 (2) 0 (1) 0 0 (10) 0 Bal 0 0 0 0 Bal 0 0 Bal 0 0 (6) (9) 0 0 Bal 0 0 Salaries Expense Rent Expense Utilities Expense Legal Fees Earned 0 (5) 0 (7) 0 0 (3) 0 0 (9) 0 0 Bal 0 0 Bal 0 0 Bal 0 0 Bal 0 0