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General journal entries and T accounts

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PART 1 Chapter 2

1- Leonard Matson completed these transactions during December of the current year: (5 points)

Prepare general journal entries to record these transactions.

2- 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. (15- points)

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

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) Sanchez withdrew $2,000 cash for personal use.

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.

M. Sanchez,
Cash Office Equipment Withdrawals

Accounts Receivable Accounts Payable Legal Fees Earned
Law Library M. Sanchez, Capital Salaries Expense

PART 2 Chapter 3
3- Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. (10 points)

a. Estimated depreciation on office equipment for the year, $4,000.

b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired.

c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired ...

Solution Summary

Response provides the steps to prepare the general journal entries and T accounts

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