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.
a. Sanchez 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 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. Paid a $2,000 cash dividend.
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.
$$\begin{array} { | l | l | l | l | l | l | l | l | }\hline & { \text { Cash } } && { \text { Office Equipment } } & & & { \text { Dividends } } \
\hline & & & & & & \
\hline & & & & & & & \
\hline & & & & & & & \
\hline & & & & & & & \
\hline
\end{array}$$

Question

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.
a. Sanchez 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 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. Paid a $2,000 cash dividend.
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.
 $$\begin{array} { | l | l | l | l | l | l | l | l | }\hline & { \text { Cash } } && { \text { Office Equipment } } & & & { \text { Dividends } } \
\hline & & & & & & \
\hline & & & & & & & \
\hline & & & & & & & \
\hline & & & & & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of 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.
a. Sanchez 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 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. Paid a $2,000 cash dividend.
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.
 $$\begin{array} { | l | l | l | l | l | l | l | l | }\hline & { \text { Cash } } && { \text { Office Equipment } } & & & { \text { Dividends } } \
\hline & & & & & & \
\hline & & & & & & & \
\hline & & & & & & & \
\hline & & & & & & & \
\hline
\end{array}$$

Maria Sanchez Began Business as Sanchez Law Firm on November