On April 1, 1007, Pat Hamilton, an attormey, opened her own legal praotioe, to beknown as the Law Ofre ef Pat Hamilton. The businoss adjusta ita accounte at theend of cuch month. The following trial belanco was propared nt April 3), 1907, afterene menth of operationsLAW OFFICE OF PAT HAMILTONTrial BalanceAprl 30, 1997Question -4CashLogal foos rocelvable.Unexpired insurancePrepaid office rent.Otice suppiles..Ofice equipmentAccumulated deprecialtion: offce equipment,Notos payable..Interest payableSalaries payoble.Uneamed retainer foes.Pat Hamilton, copital.Pat Hornilton, drawing.Legal tees eamedSalaries expense..S10.060-0-3,0004.8001,46026,400a. Make adjusting entriesb. adjusted trial balancec. ten -column work sheetd. financial statements (income statement, balancesheet, statement of owners-0-16,000--0-16,02020,0004,0001,580Office rent expense.Ofice supplies expense.Depreciation expense: office equipmentInterest expenseInsurance eApense2,4801,200-0---0--0--0-equity)e. closing entriesf. post closing trial balance 2శ్రీక400 క40Ne interest has yet been paid en the ste peysle Arad intemamoants te'160Balaries erned by the effce steff but not yet reeededor paid amnted toATat April 30.Many clients are asked to make an advance payment fer the legal rvi t terendered in future montha. These advence payments are credited to the UseamedRetainer Fees account. During April, 87,700ef these sdvences were earsed by thebusinensd. Some elienta are not billed until all services relating te their matter have beenrendered. As of April 30, serviees priced st $4,7io had been rendered to theseelients but had not yet boen recorded in the sccounting records. A professional liability insurance policy was purchased on April 1. The premiun of$5,000 for the firet six menths was paid and recerded as Unexpired liurasof. The business rents an oflee at a menthly rate of $1,000. On April 1, threethrent was paid in advance and charged to the Propaid Office Rent areount.E Office upplies en hand at April 30 amounted te $1,1co.h. The offlce equipment was purchased on April 1 and is being depreciated overestimated useful life of 10 yean.30

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Answered: A No intert h et pd anta te' Balaries…

A No intert h et pd anta te' Balaries April Many dinta rendered in future monhe Thes etainer Fen ant During bine the Ard by asked sevee payst f e sen

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[nineteenth item] true or false
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