Paula Perna, a lawyer, has decided to open her own law office on June 1,20 -....
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Paula Perna, a lawyer, has decided to open her own law office on June 1,20 -. On that date, she commenced business with the following assets and liabilities. Asset Bank Law Library Office Equipment Automobile Assets Bank A. Prepare a balance sheet for Paula Perna as of June 1, 20-. B. Record the beginning financial position of Paula Perna in two-column general journal. Use page number 1. This is the opening entry. C. Journalize the transactions for Paula Perna shown below. Use the following chart of accounts. A/R-R.Spooner A/R- T. & R. Builders Office Supplies Law Library Automobile Office Equipment Liabilities $2,500 3,500 8,250 16,500 A/P-Acme Finance A/P-The Stationery Store Liabilities Acme Finance company The Stationery Store Chart of Accounts Owners Equity P.Perna, Capital P.Perna, Drawings Fees Earned Car Expense General Expense Rent Expense Wages Expense $8,750 3,250 Transactions June 1 Paid the rent for June, $500 cash. 2 Purchased typing and stationery supplies on account from The Stationery Store, $375. 3 Performed a legal service for cash, $200. 5 Performed a legal on account for R. Spooner, $350. 8 Paid $1 000 cash to The Stationery store on account. 10 Performed a legal service on account for T. & R. Builders, $1 100. 11 Received $350 on account from R. Spooner. 15 Paid $40 cash for gasoline for the business automobile. 20 Paid wages for part-time secretarial help, $250. 24 Paid $64 cash for postage. 24 Paid the regular monthly installment to Acme Finance, $320. 30 Paula withdrew $450. Of this, $400 was of person use and $50 was for gasoline for the businesses automobile. Paula Perna, a lawyer, has decided to open her own law office on June 1,20 -. On that date, she commenced business with the following assets and liabilities. Asset Bank Law Library Office Equipment Automobile Assets Bank A. Prepare a balance sheet for Paula Perna as of June 1, 20-. B. Record the beginning financial position of Paula Perna in two-column general journal. Use page number 1. This is the opening entry. C. Journalize the transactions for Paula Perna shown below. Use the following chart of accounts. A/R-R.Spooner A/R- T. & R. Builders Office Supplies Law Library Automobile Office Equipment Liabilities $2,500 3,500 8,250 16,500 A/P-Acme Finance A/P-The Stationery Store Liabilities Acme Finance company The Stationery Store Chart of Accounts Owners Equity P.Perna, Capital P.Perna, Drawings Fees Earned Car Expense General Expense Rent Expense Wages Expense $8,750 3,250 Transactions June 1 Paid the rent for June, $500 cash. 2 Purchased typing and stationery supplies on account from The Stationery Store, $375. 3 Performed a legal service for cash, $200. 5 Performed a legal on account for R. Spooner, $350. 8 Paid $1 000 cash to The Stationery store on account. 10 Performed a legal service on account for T. & R. Builders, $1 100. 11 Received $350 on account from R. Spooner. 15 Paid $40 cash for gasoline for the business automobile. 20 Paid wages for part-time secretarial help, $250. 24 Paid $64 cash for postage. 24 Paid the regular monthly installment to Acme Finance, $320. 30 Paula withdrew $450. Of this, $400 was of person use and $50 was for gasoline for the businesses automobile.
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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