Mary Sunny, the Sole Stockholder, Began Business as Sunny Law

Essay

Mary Sunny, the sole stockholder, began business as Sunny Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Next, prepare a trial balance as of November 30.
a) Mary 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 John Bronx on credit.
c) Completed legal work for a client and received $1,500 cash in full payment.
d) Paid John Bronx $3,500 cash in partial payment of the amount owed.
e) Completed $4,000 of legal work for a client on credit.
f) Paid $2,000 in cash dividends.
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 secretary's salary.