Prepare a trial balance, closing and adjusting entrees (LO 4, 5) Joan Robinson opens her...
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Accounting
Prepare a trial balance, closing and adjusting entrees
(LO 4, 5) Joan Robinson opens her own law office on July 1, 2020. During the first month of oper- ations, the following transactions occurred.
1. Joan invested $11,000 in cash in the law practice. 2. Paid $800 for July rent on office space. 3. Purchased equipment on account $3,000. 4. Performed legal services for clients for cash $1,500. 5. Borrowed $700 cash from a bank on a note payable. 6. Performed legal services for client on account $2,000. 7. Paid monthly expenses: salaries and wages $500, utilities $300, and advertising $100. 8. Joan withdrew $1,000 cash for personal use.
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