uem 2 Nat complete Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Daniel Kelly, an attorney. Cash; Accounts Receivable: Office Equipment Legal Database Subscriptions 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 Taccounts 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. Oct. 1 Kelly started his law practice by contributing $26.500 cash to the business on October 1, receiving shares of common stock in the company. 2 Purchased office equipment on account, $11,100. 3 Paid office rent for October, $1,400. 4 Paid $10.300 to access online legal database for two years. 5 Billed clients for services rendered, $12,000 6 Made $6,700 payment on account for the equipment purchased on October 2 7 Paid legal assistant's salary, $3,500. 8 Collected $10,100 from clients previously billed for services. Received invoice for October utilities, $880, it will be paid in November 10 Paid stockholders $2,200 as a cash dividend Note: Use negative signs with your answers below, when appropriate. 2 Accounting Equation Cash Journal Entries T-Accounts Trial Balance + Accounts Receivable Database Subscription Office Equipment Accounts Payable Common Stock Retained Earnings F 4 $ 6 7 9 10 13 Check G E BUSI 9 Received invoice for October utilities, $880; it will be paid in November. 10 Paid stockholders $2,200 as a cash dividend. Note: Use negative signs with your answers below, when appropriate. Accounting Equation Ref. (1) (2) (3) (4) Journal Entries T-Accounts Trial Balance General Journal Description Debit Credit To record stockholder contribution. To record office equipment purchased on account. To record payment of rent expense. To record prepayment for database service. (5) = To record billing for legal services. (6) O To record payment on equipment. = (7) (8) (9) (10) To record payment of salaries. To record receipt of cash from clients. To record utilities expense. To record cash payment of dividends. Check O 0 BusinessCourse Return to course 2 Purchased office equipment on account, $11,100 3 Paid office rent for October, $1,400 4 Paid $10,300 to access online legal database for two years s Billed clients for services rendered, $12,000 6 Made $6,700 payment on account for the equipment purchased on October 2 7 Paid legal assistant's salary, $3,500 Collected $10,100 from clients previously billed for services. 9 Received invoice for October utilities, $880; it will be paid in November 10 Paid stockholders $2,200 as a cash dividend Note: Use negative signs with your answers below, when appropriate. (1) (3) 14) (6) (7) (8) (10) Bal Accounting Equation Cash Journal Entries T-Accounts Trial Balance Accounts Receivable (5) (8) Bal Support Dashboard e Enrique Herm Office Equipment Legal Database (2) (4) Ball Bal Accounts Payable Common Stock Dividends Legal Fees Earned (2) (1) Bal (10) Bal (5) Bal (6) (9) Bal (7) Bal Salaries Expense Rent Expense Utilities Expense (3) (9) Bal Bal BusinessCourse Accounts TayouIC, CORTITION SL Dividends, he gorrees conview, Canaries Expense Mane Expense Using the accounting equation, record each of the transactions in a columnar format. Prepare jour entries with the number identifying the transaction. Determine the balance in each account and p Oct. 1 Kelly started his law practice by contributing $26,500 cash to the business on October 1, receiving sha- 2 Purchased office equipment on account, $11,100. 3 Paid office rent for October, $1,400. 4 Paid $10,300 to access online legal database for two years. 5 Billed clients for services rendered, $12,000. 6 Made $6,700 payment on account for the equipment purchased on October 2. 7 Paid legal assistant's salary, $3,500. 8 Collected $10,100 from clients previously billed for services. 9 Received invoice for October utilities, $880; it will be paid in November. 10 Paid stockholders $2,200 as a cash dividend. Note: Use negative signs with your answers below, when appropriate. Accounting Equation Journal Entries T-Accounts Trial Balance Determine the balance in each account and prepare a trial balance sheet as of October 31. DANIEL KELLY, ATTORNEY-AT-LAW Trial Balance October 31 Debit Credit Cash $ $ Accounts Receivable Office Equipment Legal Database Subscription Accounts Payable Common Stock Dividends Legal Fee Earned Salaries Expense Rent Expense Utilities Expense Totals $ $ Check