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Law Office Transactions Summary

Joan Robinson opened a law office on July 1, 2010. During the first month she invested $11,000, paid $800 rent, purchased $3,000 of office equipment, provided $1,500 of legal services for cash, borrowed $700 from a bank, performed $2,000 of legal services on account, and paid $900 for salaries, utilities, and telephone expenses. She also withdrew $1,000 for personal use.

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101 views1 page

Law Office Transactions Summary

Joan Robinson opened a law office on July 1, 2010. During the first month she invested $11,000, paid $800 rent, purchased $3,000 of office equipment, provided $1,500 of legal services for cash, borrowed $700 from a bank, performed $2,000 of legal services on account, and paid $900 for salaries, utilities, and telephone expenses. She also withdrew $1,000 for personal use.

Uploaded by

ranarahman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Section:

Name:
Student Id:

Questions of Assignment 01
Joan Robinson opens her own law office on July 1, 2010. During the first month of operations, the
following transactions occurred.

Joan invested $11000 in cash in the law practice.
Paid $800 for July rent on office space.
Purchased office equipment on account $3000.
Provided legal services to clients for cash $1500
Borrowed $700 cash from a bank on a note payable.
Performed legal services to client on account $2000.
Paid monthly expenses: salaries $500, utilities $300 & telephone $100.
Joan withdraws $1000 cash for personal use.

Prepare a tabular summary of the transactions.

Marks: 10

To be submitted by: June 3, 2012 (Sunday)

2 (Two) marks will be deducted for late submission.

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