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Maria Sanchez Began Business as Sanchez Law Firm on November

Question 22

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Maria Sanchez began business as Sanchez Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Then, prepare a trial balance, as of November 30.
a. Sanchez invested $15,000 cash and a law library valued at $6,000 in exchange for common stock.
b. Purchased $7,500 of office equipment from Johnson Bros. on credit.
c. Completed legal work for a client and received $1,500 cash in full payment.
d. Paid Johnson Bros. $3,500 cash in partial settlement of the amount owed.
e. Completed $4,000 of legal work for a client on credit.
f. Paid a $2,000 cash dividend.
g. Received $2,500 cash as partial payment for the legal work completed for the client in (e).
h. Paid $2,500 cash for the legal secretary's salary.
Maria Sanchez began business as Sanchez Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Then, prepare a trial balance, as of November 30. a. Sanchez invested $15,000 cash and a law library valued at $6,000 in exchange for common stock. b. Purchased $7,500 of office equipment from Johnson Bros. on credit. c. Completed legal work for a client and received $1,500 cash in full payment. d. Paid Johnson Bros. $3,500 cash in partial settlement of the amount owed. e. Completed $4,000 of legal work for a client on credit. f. Paid a $2,000 cash dividend. g. Received $2,500 cash as partial payment for the legal work completed for the client in (e). h. Paid $2,500 cash for the legal secretary's salary. Maria Sanchez began business as Sanchez Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Then, prepare a trial balance, as of November 30. a. Sanchez invested $15,000 cash and a law library valued at $6,000 in exchange for common stock. b. Purchased $7,500 of office equipment from Johnson Bros. on credit. c. Completed legal work for a client and received $1,500 cash in full payment. d. Paid Johnson Bros. $3,500 cash in partial settlement of the amount owed. e. Completed $4,000 of legal work for a client on credit. f. Paid a $2,000 cash dividend. g. Received $2,500 cash as partial payment for the legal work completed for the client in (e). h. Paid $2,500 cash for the legal secretary's salary. Maria Sanchez began business as Sanchez Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Then, prepare a trial balance, as of November 30. a. Sanchez invested $15,000 cash and a law library valued at $6,000 in exchange for common stock. b. Purchased $7,500 of office equipment from Johnson Bros. on credit. c. Completed legal work for a client and received $1,500 cash in full payment. d. Paid Johnson Bros. $3,500 cash in partial settlement of the amount owed. e. Completed $4,000 of legal work for a client on credit. f. Paid a $2,000 cash dividend. g. Received $2,500 cash as partial payment for the legal work completed for the client in (e). h. Paid $2,500 cash for the legal secretary's salary.

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