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Paula Perna, a lawyer, has decided to open her own law office on June 1, 2015. On that date, she commenced business with the following assets and liabilities. Assets Liabilities Bank $2,500 Acme Finance Company 3,500 The Stationery Store 8,250 16,500 $8,750 3,250 Law Library Office Equipment Automobile A. Journalize the transactions for Paula Perna shown below: June 1 Paid the rent for June, $2,000 cash Purchased typing and stationery supplies on account from The Stationery Store, S375 3 Performed a legal service for cash, $500 Performed a legal service on account for R. Spooner, $750 Paid $1,000 cash to The Stationery Store to pay off some of 1 2 account Performed a legal service on account for T&R Builders, $1,100 11 10 Received S650 on account for R. Spooner Paid S80 cash for gasoline for the business automobile Paid wages for part-time secretarial help, $250 24 Paid $165 cash for postage 24 Paid the regular monthly installment to Acme Finance, $520 30 Paula withdrew $450. S400 of which was for personal use and $50 for gasoline for the business automobile 15 20 8. Create a T-Accounts Page after the transactions C. Create an expanded balance sheet.

Paula Perna, a lawyer, has decided to open her own law office on June 1, 2015. On that date, she commenced business with the following assets and liabilities. Assets Liabilities Bank $2,500 Acme Finance Company 3,500 The Stationery Store 8,250 16,500 $8,750 3,250 Law Library Office Equipment Automobile A. Journalize the transactions for Paula Perna shown below: June 1 Paid the rent for June, $2,000 cash Purchased typing and stationery supplies on account from The Stationery Store, S375 3 Performed a legal service for cash, $500 Performed a legal service on account for R. Spooner, $750 Paid $1,000 cash to The Stationery Store to pay off some of 1 2 account Performed a legal service on account for T&R Builders, $1,100 11 10 Received S650 on account for R. Spooner Paid S80 cash for gasoline for the business automobile Paid wages for part-time secretarial help, $250 24 Paid $165 cash for postage 24 Paid the regular monthly installment to Acme Finance, $520 30 Paula withdrew $450. S400 of which was for personal use and $50 for gasoline for the business automobile 15 20 8. Create a T-Accounts Page after the transactions C. Create an expanded balance sheet.

FINANCIAL ACCOUNTING
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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Please answer reuired  a,b,c

Practicing Journal Entries Paula Perna, a lawyer, has decided to open her own law office on June 1, 2015. On that date, she commenced business with the following assets and liabilities. Assets Liabilities Bank $2,500 Acme Finance Company $8,750 Law Library 3,500 The Stationery Store 8,250 3,250 Office Equipment Automobile 16,500 A. Journalize the transactions for Paula Perna shown below: June 1 Paid the rent for June, $2,000 cash 2 Purchased typing and stationery supplies on account from The Stationery Store, S375 Performed a legal service for cash, 5500 Performed a legal service on account for R. Spooner, $750 8 Paid $1,000 cash to The Stationery Store to pay off some of 3 5 account Performed a legal service on account for T&R Builders, $1,100 Received S650 on account for R. Spooner Paid S80 cash for gasoline for the business automobile 20 Paid wages for part-time secretarial help, $250 24 Paid $165 cash for postage 24 Paid the regular monthly installment to Acme Finance, $520 30 Paula withdrew $450. S400 of which was for personal use and $50 10 11 15 for gasoline for the business automobile B. Create a T-Accounts Page after the transactions C Create an expanded balance sheet.
Transcribed Image Text:Practicing Journal Entries Paula Perna, a lawyer, has decided to open her own law office on June 1, 2015. On that date, she commenced business with the following assets and liabilities. Assets Liabilities Bank $2,500 Acme Finance Company $8,750 Law Library 3,500 The Stationery Store 8,250 3,250 Office Equipment Automobile 16,500 A. Journalize the transactions for Paula Perna shown below: June 1 Paid the rent for June, $2,000 cash 2 Purchased typing and stationery supplies on account from The Stationery Store, S375 Performed a legal service for cash, 5500 Performed a legal service on account for R. Spooner, $750 8 Paid $1,000 cash to The Stationery Store to pay off some of 3 5 account Performed a legal service on account for T&R Builders, $1,100 Received S650 on account for R. Spooner Paid S80 cash for gasoline for the business automobile 20 Paid wages for part-time secretarial help, $250 24 Paid $165 cash for postage 24 Paid the regular monthly installment to Acme Finance, $520 30 Paula withdrew $450. S400 of which was for personal use and $50 10 11 15 for gasoline for the business automobile B. Create a T-Accounts Page after the transactions C Create an expanded balance sheet.
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