On July 31, 2022, the general ledger of Carla Vista Legal Services Inc. showed the following balances:
Question:
On July 31, 2022, the general ledger of Carla Vista Legal Services Inc. showed the following balances: Assist with the following:
a) Using T-accounts, enter the beginning balances to the ledger.
b) Journalize the August transactions.
c) Post the August journal entries to the ledger.
d) trial balance
On July 31, 2022, the general ledger of Carla Vista Legal Services Inc. showed the following balances: Cash $ 3,600, Accounts Receivable $ 1,350, Supplies $ 450, Equipment $ 4,500, Accounts Payable $ 3,690, Common Stock $ 3,150, and Retained Earnings $ 3,060. During August, the following transactions occurred.
Aug. 3 Collected $ 1,080 of accounts receivable due from customers.
5 Received $ 1,170 cash for issuing common stock to new investors.
6 Paid $ 2,430 cash on accounts payable.
7 Performed legal services of $ 5,850, of which $ 2,700 was collected in cash and the remainder was due on account.
12 Purchased additional equipment for $ 1,080, paying $ 360 in cash and the balance on account.
14 Paid salaries $ 3,150, rent $ 810, and advertising expenses $ 250 for the month of August.
18 Collected the balance for the services performed on August 7.
20 Paid cash dividend of $ 450 to stockholders. 24 Billed a client $ 900 for legal services performed.
26 Received $ 1,800 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months.
27 Agreed to perform legal services for a client in September for $ 4,050. The client will pay the amount owing after the services have been performed.
28 Received the utility bill for the month of August in the amount of $ 250; it is not due until September 15.
31 Paid income tax for the month $ 450. Assist with the following:
a) Using T-accounts, enter the beginning balances to the ledger.
b) Journalize the August transactions.
c) Post the August journal entries to the ledger.
d) trial balance
Expert Answer:
Answers Journal Entry Date Accounts Explanations Debit Credit Aug3 Cash 1080 Accounts Receivable 108... View the full answer
