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Grantham University Sunny Law Firm Trial Balance Report

Grantham University Sunny Law Firm Trial Balance Report

Question Description

TASK 4:

Assignment Instructions

Mary Sunny began business as Sunny Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Next, prepare a trial balance as of November 30.

Part A

Mary invested $15,000 cash and a law library valued at $6,000.

Part B

Purchased $7,500 of office equipment from John Bronx on credit.

Part C

Completed legal work for a client and received $1,500 cash in full payment.

Part D

Paid John Bronx $3,500 cash in partial payment of the amount owed.

Part E

Completed $4,000 of legal work for a client on credit.

Part F

Mary withdrew $2,000 cash from the business for personal use.

Part G

Received $2,500 cash as partial payment for the legal work completed for the client in (e).

Part H

Paid $2,500 cash for the secretary’s salary.

Task 7:

Assignment Instructions

Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.

Feb 2

Write a $400 check to establish a petty cash fund.

Feb 5

Purchased paper for the copier for $14.15 that is immediately used.

Feb 9

Paid $32.50 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.

Feb 12

Paid $7.95 postage to deliver a contract to a client

Feb 14

Reimbursed Adina Sharon, the manager, $68 for mileage on her car.

Feb 20

Purchased office paper for $67.77 that is immediately used.

Feb 23

Paid a courier $20 to deliver merchandise sold to a customer, terms FOB destination.

Feb 25

Paid $13.10 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These cost are added to merchandise inventory.

Feb 27

Paid $54 for postage expenses

Feb 28

The fund had $120.42 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.

Feb 28

The petty cash fund amount is increased by $100 to a total of $500

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