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Grantham University Sunny Law Firm Trial Balance Report

Grantham University Sunny Law Firm Trial Balance Report

Question Description


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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