PRACTICE PROBLEM Joan Robinson opens her own law office on July 1, 2017, During the first month of opera tions, the following transactions occurred: 1. Joan invested $11,000 in cash in the law...


PRACTICE PROBLEM





Joan Robinson opens her own law office on July 1, 2017, During the first month of opera tions, the following transactions occurred:





1. Joan invested $11,000 in cash in the law practice.





2. Paid $800 for July rent on office space.





3. Purchased equipment on account $3,000.





4. Performed legal services to clients for cash $1,500.





5. Borrowed $700 cash from a bank on a note payable.





6. Performed legal services for client on account $2,000.





7. Paid monthly expenses: salaries and wages $500, utilities $300, and advertising $100.





8. Joan withdrew $1,000 cash for personal use.





Instructions





Prepare a tabular summary of the transactions.





(b) Prepare the income statement, owner's equity statement, and balance sheet at July 31, 2017, for Joan Robinson, Attorney.


Sep 22, 2022
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