Refer to Exercise. a. Linda Conway opened a law firm by investing $11,000 cash and office furniture

Question:

Refer to Exercise.
a. Linda Conway opened a law firm by investing $11,000 cash and office furniture valued at $9,100. Organized as a professional corporation, the business issued to Conway.
b. Paid monthly rent of $1,200.
c. Purchased office supplies on account, $700.
d. Paid employee salaries of $2,200.
e. Paid $300 of the created in Transaction c.
f. Performed legal service on account, $8,300.
g. Declared and paid dividends of $2,100.

Requirements
1. Prepare the trial balance of Linda Conway, Attorney, at January 31, 2010. Use the T-accounts that have been prepared for the business.
2. How well did the business perform during its first month? Compute net income (or net loss) for the month.

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