For Leslie Douglas, a lawyer, determine which of the following actions represent revenue (R), expense (E) or neither (N) for the month of July 2015.
Hint: Be careful with the timing of the transactions in terms of recognition of revenues and expenses.)
1.She received $500 on July 5, 2015 in the mail from a client for the payment of legal services she provided and billed (to the client) in February 2015.

2. She invested an additional $8,000 into her law practice on July 1, 2015.
3. She purchased a new computer network system for the office on July 15, 2015 on account from EZ Computing, Total cost was $12,600. The amount was paid in full on August 15, 2015.
4. She met with a client and provided legal advice on July 4, 2015 and collected $750 cash on the same day for the legal service provided.
5. She withdrew (took an owner draw) $2,000 for personal use on July 20, 2015.

6. She signed a contract for office cleaning with Molly Maid to cost $35 per month beginning Sept 1, 2015.
7. She paid off a $315 invoice on July 7, 2015 for radio advertising broadcasted in May and billed to her in May 2015 (invoice #45289 was received May 31, 2015).
8.She provided legal services for a client during the last two weeks in July 2015 and sent the client a bill for $750 dated July 31st.

9. She paid professional liability insurance on July 20, 2015 of $2,000 for her legal practice. The insurance coverage is for the period August 1, 2015 to November 30, 2015.
10. Paid her secretary for the month of July $3,200 by direct deposit.

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The detailed answer for the above question is provided below 1 R Leslie Douglas received 500 on July ... View the full answer