Reference no: EM132588686
Question 1: 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, help with a 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.