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Maria Sanchez Began Business as Sanchez Law Firm on November

Question 194

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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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