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. Then, prepare a trial balance, as of November 30.a) Mary invested $15,000 cash and a law library valued at $6,000 in exchange for common stock.b) Purchased $7,500 of office equipment from John Bronx on credit.c) Completed legal work for a client and received $1,500 cash in full payment.d) Paid John Bronx. $3,500 cash in partial settlement of the amount owed.e) Completed $4,000 of legal work for a client on credit.f) The firm paid $2,000 cash in dividends.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.
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What will be an ideal response?
Sunny Law Firm
Trial Balance
November 30
Account Debit Credit Cash $11,000 ? Accounts Receivable 1,500 ? Law Library 6,000 ? Office Equipment 7,500 ? Accounts Payable ? $4,000 Common Stock ? 21,000 Dividends 2,000 ? Legal Fees Earned ? 5,500 Salaries Expense 2,500 ? Totals $30,500 $30,500 ? ? ?
Business
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What will be an ideal response?
Sunny Law Firm
Trial Balance
November 30
| Account | Debit | Credit |
| Cash | $11,000 | ? |
| Accounts Receivable | 1,500 | ? |
| Law Library | 6,000 | ? |
| Office Equipment | 7,500 | ? |
| Accounts Payable | ? | $4,000 |
| Common Stock | ? | 21,000 |
| Dividends | 2,000 | ? |
| Legal Fees Earned | ? | 5,500 |
| Salaries Expense | 2,500 | ? |
| Totals | $30,500 | $30,500 |
| ? | ? | ? |
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