22. Maria Sanchez began business as Sanchez Law Firm on November 1, 2018. Complete the following for the Firm. Use appropriate headings on the financial statements. 1) Prepare journal entries for the transactions below with dates. 2) Post the journal entries to the T-accounts (provided on the next page). November Transactions: 11/1 Sanchez sold 5,000 shares of $4 Par Common Stock for $20,000 cash. 11/2 Sanchez paid $5,000 for rent for the month. 11/3 Sanchez paid for a 24-month Insurance policy starting November 1 for $6,000. 11/5 Sanchez purchased $7,500 of office equipment using a Long Term Note @ 8% interest. 11/6 Sanchez purchased $2,500 of office supplies on account. 11/7 Sanchez completed legal work for a client and received $8,000 cash in full payment. 11/10 Sanchez paid $1,250 cash in partial settlement of the amount owed from the 11/6 transaction. 11/18 Sanchez completed $7,000 of legal work for a client and sent the client an invoice. 11/28 Sanchez paid a $3,000 cash dividend. 11/29 Sanchez received $3,500 cash as partial payment for the work completed on 11/18. 11/30 Sanchez paid $4,000 cash for the legal secretary's salary for the month. 11/30 Adjusting: The Office Supply account had $1,000 of supplies on-hand at month end. 11/30 Adjusting: Determine the value in the Prepaid account and adjust it accordingly. 11/30 Adjusting: Record the Interest for November (30 days) to be paid December 31.
22. Maria Sanchez began business as Sanchez Law Firm on November 1, 2018. Complete the following for the Firm. Use appropriate headings on the financial statements. 1) Prepare journal entries for the transactions below with dates. 2) Post the journal entries to the T-accounts (provided on the next page). November Transactions: 11/1 Sanchez sold 5,000 shares of $4 Par Common Stock for $20,000 cash. 11/2 Sanchez paid $5,000 for rent for the month. 11/3 Sanchez paid for a 24-month Insurance policy starting November 1 for $6,000. 11/5 Sanchez purchased $7,500 of office equipment using a Long Term Note @ 8% interest. 11/6 Sanchez purchased $2,500 of office supplies on account. 11/7 Sanchez completed legal work for a client and received $8,000 cash in full payment. 11/10 Sanchez paid $1,250 cash in partial settlement of the amount owed from the 11/6 transaction. 11/18 Sanchez completed $7,000 of legal work for a client and sent the client an invoice. 11/28 Sanchez paid a $3,000 cash dividend. 11/29 Sanchez received $3,500 cash as partial payment for the work completed on 11/18. 11/30 Sanchez paid $4,000 cash for the legal secretary's salary for the month. 11/30 Adjusting: The Office Supply account had $1,000 of supplies on-hand at month end. 11/30 Adjusting: Determine the value in the Prepaid account and adjust it accordingly. 11/30 Adjusting: Record the Interest for November (30 days) to be paid December 31.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...
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Transcribed Image Text:22. Maria Sanchez began business as Sanchez Law Firm on November 1, 2018.
Complete the following for the Firm. Use appropriate headings on the financial statements.
1) Prepare journal entries for the transactions below with dates.
2) Post the journal entries to the T-accounts (provided on the next page).
November Transactions:
11/1 Sanchez sold 5,000 shares of $4 Par Common Stock for $20,000 cash.
11/2 Sanchez paid $5,000 for rent for the month.
11/3
Sanchez paid for a 24-month Insurance policy starting November 1 for $6,000.
11/5 Sanchez purchased $7,500 of office equipment using a Long Term Note @ 8% interest.
11/6 Sanchez purchased $2,500 of office supplies on account.
11/7 Sanchez completed legal work for a client and received $8,000 cash in full payment.
11/10 Sanchez paid $1,250 cash in partial settlement of the amount owed from the 11/6 transaction.
11/18 Sanchez completed $7,000 of legal work for a client and sent the client an invoice.
11/28 Sanchez paid a $3,000 cash dividend.
11/29 Sanchez received $3,500 cash as partial payment for the work completed on 11/18.
11/30 Sanchez paid $4,000 cash for the legal secretary's salary for the month.
11/30 Adjusting: The Office Supply account had $1,000 of supplies on-hand at month end.
11/30 Adjusting: Determine the value in the Prepaid account and adjust it accordingly.
11/30 Adjusting: Record the Interest for November (30 days) to be paid December 31.
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