Vince Smith opened a law office on March 2, 2010. During the first month of operations, the business completed the following transactions:

Requirements 

1. Open the following T-accounts: Cash, Accounts receivable, Supplies, Furniture, Land, Accounts payable, Common stock, Dividends, Service revenue, Salary expense, and Rent expense.

2. Record each transaction in the journal, using the account titles given. Key each transaction by date. Explanations are not required.
3. Post the transactions to T-accounts, using transaction dates as posting references in the ledger. Label the balance of each account Bal.
4. Prepare the trial balance of Vince Smith, Attorney, P.C., at March 31, 2010.

Transcribed Image Text:

Dec 2 3 4 7 11 15 16 18 19 29 31 31 31 Smith deposited $42,000 cash in the business bank account Vince Smith, Attorney, P.C. Purchased supplies, $400, and furniture, $1,900, on account. Performed legal service for a client and received cash, $1,900. Paid cash to acquire land for a future office site, $26,000. Prepared legal documents for a client on account, $800. Paid secretary's bi-monthly salary, $550. Paid for the supplies purchased March 3 on account. Received $2,300 cash for helping a client sell real estate. Defended a client in court and billed the client for $700. Received cash on account, $600. Paid secretary's bi-monthly salary, $550. Paid rent expense, $910. Paid cash dividend of $2,100.