Sanchez invested $100,750 cash in the company. The company purchased office supplies for $1,250 cash. The company purchased $10,050 of office equipment on credit. The company received $15,500 cash as fees for services provided to a customer. The company paid $10,050 cash to settle the amount owed in transaction (c). The company billed a customer $2,700 as fees for services provided. The company paid $1,225 cash for the monthly rent. The company collected $1,125 cash as partial payment for the services provided in transaction (f). Sanchez withdrew $10,000 cash for personal use.

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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Question

Maria Sanchez began business as Sanchez Law Firm on May 1.

 

Directions:

 

  1. Record the following May transactions into the T-accounts provided.  

2.  Foot and balance the T-accounts.

3.  Prepare a trial balance for May 31 of the current year.

4.  Upload the file to this problem.

 

Transactions

  1. Sanchez invested $100,750 cash in the company.
  2. The company purchased office supplies for $1,250 cash.
  3. The company purchased $10,050 of office equipment on credit.
  4. The company received $15,500 cash as fees for services provided to a customer.
  5. The company paid $10,050 cash to settle the amount owed in transaction (c).
  6. The company billed a customer $2,700 as fees for services provided.
  7. The company paid $1,225 cash for the monthly rent.
  8. The company collected $1,125 cash as partial payment for the services provided in transaction (f).
  9. Sanchez withdrew $10,000 cash for personal use.
 
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