Question: Answer the questions below, and include a table if needed Legal Service Ltd. was formed on July 1, 2017. During the first month of operations,
Answer the questions below, and include a table if needed

Legal Service Ltd. was formed on July 1, 2017. During the first month of operations, the following transactions occurred. 1. Shareholders invested US$ 10,000 in cash in exchange for ordinary shares of Legal Service Company Ltd. 2. Paid US$ 800 for July rent on office space 3. purchased office equipment on account US$ 3,000 4. Performed legal services for clients for cash US$ 1,500 5. Borrowed US$ 700 cash from a bank on a note payable 6. performed legal services for client on account US$ 2,000 7. Paid monthly expenses: salaries US$ 500, utilities US$ 300, and advertising US$ 100. Instructions Prepare a tabular summary of the transactions. Prepare the income statement, retained earning statement, and statement of financial position at July 31 for Legal Service Ltd
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
