Reference no: EM133116659
Question - Jane Doe's Law Firm, a corporation had the following transactions for the month:
1. Issues $50,000 shares of common stock for cash.
2. Purchased Furniture on account for $15,000, payment due within the month.
3. Purchased computer for cash $2,500.
4. Received $12,500 cash in advance from a client for services not yet rendered.
5. Provides $7,000 in services to a client who asks to be billed for the services.
6. Pay $750 utility bill with cash.
7. Pay $2,500 rent bill with cash.
8. Pay $2,000 for supplies.
9. Pay $500 miscellaneous expenses for cash.
10. Distribute $1,500 cash in dividends to stockholders.
Required -
1. Prepare Journal Entries and place in the General Journal.
2. Post journal entries to the General Ledger.
3. Prepare an Unadjusted Trial Balance.
4. Discuss briefly (200 - 250 words), the process as it connects to the Accounting Cycle.
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