Homework Help - X Microsoft Office + X General (Maths 2( x ] In Assignment X 5 P2-31A (1).pdf X M Inbox (1,296) - qu x Course Hero X + X C @ File | file:///C:/Users/ADmin/Downloads/P2-31A%20(1).pdf E P2-31A (1).pdf 50% + 2-31A Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance Terrence Murphy opened a law office on January 1, 2018. During the first month of operations, the business completed the following transactions: Jan. 1 Murphy contributed $78,000 cash to the business, Terrence Murphy, Attorney. The business gave capital to Murphy. 3 Purchased office supplies, $600, and furniture, $1,700, on account. 4 Performed legal services for a client and received $1,000 cash 7 Purchased a building with a market value of $130,000, and land with a market value of $25,000. The business paid $25,000 cash and signed a note payable to the bank for the remaining amount. 11 Prepared legal documents for a client on account, $400. 15 Paid assistant's semimonthly salary, $1,120, 16 Paid for the office supplies purchased on January 3 on account. 18 Received $2,700 cash for helping a client sell real estate. 19 Defended a client in court and billed the client for $1,800. 25 Received a bill for utilities, $600. The bill will be paid next month. 29 Received cash on account, $1,500 30 Paid $1,200 cash for a 12-month insurance policy starting on February 1. 30 Paid assistant's semimonthly salary, $1,120. 31 Paid monthly rent expense, $1,800. 31 Murphy withdrew cash of $2,200. Requirements 1. Record each transaction in the journal, using the following account tiles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance, Land; Building: Furniture; Accounts Payable; Utilities Payable; Notes Payable; Murphy, Capital; Murphy, Withdrawals; Service Revenue; Salaries Expense, Rent Expense; and Utili- ties Expense. Explanations are not required. 2. Open the following four-column accounts including account numbers: Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Murphy, Capital, 301; Murphy, Withdrawals, 31 1; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531. 3. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal. 4. Prepare the trial balance of Terrence Murphy, Attorney, at January 31, 2018. PDF P2-30A (1).pdf P2-31A (1).pdf A accounting home....png accounting home...png accounting home..png Show all X Type here to search O L M W A X 2 27 0 ~ D 47 40 ) 4:13 PM 10/5/2021