Business
Business, 11.02.2020 21:48, lerasteidl

On July 31 2017, the general ledger of Cullumber Legal Services Inc., showed the following balances:cash $4000Accounts Receivable $1500Supplies $500Equipment $5000Accounts Payable: $4,100Common Stock $3500Retained Earnings $3400During August, the following transactions occurred:August 3rd: Collected $1200 of accounts receivable due from customersAugust 5: recieved $1300 cash from issuing common stock to new investorsAugust 6: paid $2700 on accounts payableAugust 7: performed legal services of $6500, of which $3000 was collected in cash and the remainder was due on account. August 12: Purchased additional equipment for $1200, paying $400 on cash and the balance on accountAugust 14: Paid salaries $3500, rent $900, and advertising expenses $275 for month of AugustAugust 18: collected blanace for the services performed on August 7August 20: Paid dividends of $500 to stockholdersAugust 24: Billed a client $1,000 for services performedAugust 26: received $2000 from Laurentian Bank, the money was borrowed on a bank note payable that is due in 6 monthsAugust 27: Agreed to perform legal services for a client in September for $4500. The client will pay the amount owing after the services have been performedAugust 28: received the utility bill for the month of august in the amount of $275; it is not due until September 15.August 31: paid income tax for the month of $500.Part 1: Using T-accounts enter the beginning balances to the ledger. Part 2: Journalize the August transactionsPart 3: Post the August journal entries to he ledgerPart 4: Prepare a trial balance on August 31 2017.

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On July 31 2017, the general ledger of Cullumber Legal Services Inc., showed the following balances:...

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