Reference no: EM132772380

Mary Sunny 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 trial balance as of November 30.

Part A

Mary invested $15,000 cash and a law library valued at $6,000.

Part B

Purchased $7,500 of office equipment from John Bronx on credit.

Part C

Completed legal work for a client and received $1,500 cash in full payment.

Part D

Paid John Bronx $3,500 cash in partial payment of the amount owed.

Part E

Completed $4,000 of legal work for a client on credit.

Part F

Mary withdrew $2,000 cash from the business for personal use.

Part G

Received $2,500 cash as partial payment for the legal work completed for the client in (e).

Part H

Paid $2,500 cash for the secretary's salary.

Problem 1: Journal entry are referred to as the recording of business transaction on the bases of the dual concept.