Legal Services Company Ltd. was formed on July 1, 2017. During the first month of operations, the

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Legal Services Company Ltd. was formed on July 1, 2017. During the "first month of operations, the following transactions occurred.

1. Shareholders invested $10,000,000 in cash in exchange for ordinary shares of Legal Services Company Ltd.

2. Performed legal services for clients for cash $1,500,000.

3. Borrowed NT$700,000 cash from a bank on a note payable.

4. Performed legal services for client on account $2,000,000.

5. Paid monthly expenses: salaries $500,000, utilities $300,000, and advertising $100,000.

journalize the above transactions

Related Book For answer-question

Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

ISBN: 978-1337614689

9th edition

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

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Posted Date: Nov 25, 2023 11:54 AM

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Legal Services Company Ltd. was formed on July 1, 2017. During the first month of operations, the

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Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

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