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Please see ** ATTACHED ** file(s) for complete solutions and details!!
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.
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 ...
Response provides the steps to prepare the general journal entries and T accounts