Ms. Anne Anderson opens her own law office on July 1, 2013. During the first month...
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Ms. Anne Anderson opens her own law office on July 1, 2013. During the first month of operations, the following transactions occurred. July 1. Ms. Anderson invested $15,000 cash in the law practice. 10 Paid $1000 for office supplied purchased 15. Purchased office equipment on account $3,000. 23. Borrowed $5000 from bank at 10% per annum 25. Received $3000 in advance from clients 27. Paid $6000 rent for the next six months. At the end of June, Ms. Anderson attempted to prepare monthly income statements and balance sheet. She found that the following information relevant. • 20% of the unearned service revenue was earned in June • Receive a utility bill of $50 which is not paid yet. • Office supplies on hand totals $500. • The office equipment depreciates $150 a month. Bank loan interest accrues but not paid. Prepare the journal entries, post those to the ledger, prepare a trial balance. Ms. Anne Anderson opens her own law office on July 1, 2013. During the first month of operations, the following transactions occurred. July 1. Ms. Anderson invested $15,000 cash in the law practice. 10 Paid $1000 for office supplied purchased 15. Purchased office equipment on account $3,000. 23. Borrowed $5000 from bank at 10% per annum 25. Received $3000 in advance from clients 27. Paid $6000 rent for the next six months. At the end of June, Ms. Anderson attempted to prepare monthly income statements and balance sheet. She found that the following information relevant. • 20% of the unearned service revenue was earned in June • Receive a utility bill of $50 which is not paid yet. • Office supplies on hand totals $500. • The office equipment depreciates $150 a month. Bank loan interest accrues but not paid. Prepare the journal entries, post those to the ledger, prepare a trial balance.
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To record the transactions and adjustments for Ms Anne Andersons law office we will create the necessary journal entries and then post them to the led... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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