Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an...

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Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable; Common Stock; Dividends; Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T-accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trial balance sheet as of October 31. 1 Jennings started his law practice by contributing $21,500 cash to the business on October 1, receiving shares of common stock in the company. 2 Purchased office equipment on account, $11,400. 3 Paid office rent for October, $1,100. 4 Paid $9,750 to access online legal database for two years. 5 Billed clients for services rendered, $14,000. 6 Made $6,000 payment on account for the equipment purchased on October 2. 7 Paid legal assistant's salary, $2,800. 8 Collected $7,500 from clients previously billed for services. 9 Received invoice for October utilities, $190; it will be paid in November. 10 Paid stockholders $1,500 as a cash dividend. Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable; Common Stock; Dividends; Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T-accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trial balance sheet as of October 31. 1 Jennings started his law practice by contributing $21,500 cash to the business on October 1, receiving shares of common stock in the company. 2 Purchased office equipment on account, $11,400. 3 Paid office rent for October, $1,100. 4 Paid $9,750 to access online legal database for two years. 5 Billed clients for services rendered, $14,000. 6 Made $6,000 payment on account for the equipment purchased on October 2. 7 Paid legal assistant's salary, $2,800. 8 Collected $7,500 from clients previously billed for services. 9 Received invoice for October utilities, $190; it will be paid in November. 10 Paid stockholders $1,500 as a cash dividend.

Answer rating: 100% (QA)

To record these transactions in Taccounts well use the accounting equation Assets Liabilities Equity Well create Taccounts for each account mentioned and record the transactions accordingly Lets go th... View the full answer