James Regal, Esquire is an Attorney and has fomed his own law firm, Regal Law Fi
ID: 2329160 • Letter: J
Question
James Regal, Esquire is an Attorney and has fomed his own law firm, Regal Law Firm. You have been hired by James as his bookkeeper. After talking to James, you prepare his chart of accounts, which is below Regal Law Firm Chart of Accounts Account # 101 102 103 201 202 301 302 401 501 502 503 Account Name Cash Accounts Receivable Supplies Accounts Payable Uneamed Revenue Regal, Capital Regal, Drawing Fee Income Rent Expense Salaries Expense Supplies Expenss The first month of business for the Regal Law Firm is March 2018. The transactions for the month of March are Date 3/1/2018 3/5/2018 3/10/2018 3/15/2018 3/22/2018 3/30/2018 ransaction James opened the bank account and deposited $5,000 for his capital contribution James paid $250 for rent. James received $1,000 from a new client, Sue Barnes, as a deposit for legal services James paid $375 of salaries to his legal assistant. James received a bill of $75 for office supplies which will be paid next month James withdraw $1,000 for his personal use Instructions: 1. Using the chart of accounts, open the accounts in the general ledger 2. Record the journal entries for the March transactions 3. Post the entries to the general ledger 4. Calculate the balances in the general ledger accounts 5. Prepare the Trial Balance Columns in the worksheet. Make sure you properly complete the heading 6. Prepare the following adjustments in the worksheet a. During March, James performed services for clients which were not billed for $1,750 b. During March, James performed services for Sue Barnes for $750 c. At the end of the month $25 in office supplies were remaining 7. Prepare the Adjusted Trial Balance Columns in the worksheet. 8. Prepare the adjusting journal entries on GJ Page 2 for the adjustments prepared in #6 above and post them to the General Ledger and calculate the account balances 9. Prepare the Income Statement and Balance Sheet Columns in the worksheet 10. Prepare the Income Statement, Statement of Owner's Equity and Balance Sheet. Make sure you properly complete the heading for each statement. 11. Prepare the Closing Entries on GJ Page 3. Using T-Accounts, calculate the balance in the Income Summary and Capital Accounts. Post the Closing Entries to the General Ledger (use Account #600 for Income Summary) and calculate the account balances Prepare a post-closing trial balanceExplanation / Answer
1, 3, & 4
2.
Per Chegg guidelines, first 4 sub-parts have been answered. Please post the remaining separately. Thank you.
Cash No. 101 Date Explanation Ref Debit Credit Balance 3/1/2018 5000 5000 3/5/2018 250 4750 3/10/2018 1000 5750 3/15/2015 375 5375 3/30/2018 1000 4375 Accounts Receivable No. 102 Date Explanation Ref Debit Credit Balance Supplies No. 103 Date Explanation Ref Debit Credit Balance 3/22/2018 75 75 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance 3/22/2018 75 75 Unearned Revenue No. 202 Date Explanation Ref Debit Credit Balance 3/10/2018 1000 1000 Regal, Capital No. 301 Date Explanation Ref Debit Credit Balance 3/1/2018 5000 5000 Regal, Drawing No. 302 Date Explanation Ref Debit Credit Balance 3/30/2018 1000 1000 Fee Income No. 401 Date Explanation Ref Debit Credit Balance Rent Expense No. 501 Date Explanation Ref Debit Credit Balance 3/5/2018 250 250 Salaries Expense No. 502 Date Explanation Ref Debit Credit Balance 3/15/2015 375 375 Supplies Expense No. 503 Date Explanation Ref Debit Credit BalanceRelated Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.