Please answer reuired a,b,c Practicing Journal EntriesPaula Perna, a lawyer, has decided to open her own law office on June 1, 2015. On that date, shecommenced business with the following assets and liabilities.AssetsLiabilitiesBank$2,500 Acme Finance Company$8,750Law Library3,500 The Stationery Store8,2503,250Office EquipmentAutomobile16,500A. Journalize the transactions for Paula Perna shown below:June1Paid the rent for June, $2,000 cash2Purchased typing and stationery supplies on account from TheStationery Store, S375Performed a legal service for cash, 5500Performed a legal service on account for R. Spooner, $7508 Paid $1,000 cash to The Stationery Store to pay off some of35accountPerformed a legal service on account for T&R Builders, $1,100Received S650 on account for R. SpoonerPaid S80 cash for gasoline for the business automobile20 Paid wages for part-time secretarial help, $25024 Paid $165 cash for postage24 Paid the regular monthly installment to Acme Finance, $52030 Paula withdrew $450. S400 of which was for personal use and $50101115for gasoline for the business automobileB. Create a T-Accounts Page after the transactionsC Create an expanded balance sheet.

Journal entries for transactions on opening of new office:-

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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