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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5966507-0fa2-49d7-8229-2cbf653ffce4%2Fa9bcb875-0f2f-4b67-b143-0fc489a20a08%2Fye2nkzd_processed.png&w=3840&q=75)
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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