Angela Duffy, opens her own law office on July, 1 2018. During the first month...
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Accounting
Angela Duffy, opens her own law office on July, 1 2018. During the first month of operations, the following transactions occurred.
1. Invested BHD10,000 in cash in the law practice.
2. Paid BHD800 for July rent expense on office space.
3. Purchased office equipment on account BHD3,000.
4. Provided legal services to clients for cash BHD1,500.
5. Borrowed BHD700 cash from a bank on a note payable.
6. Performed legal services for a client on account BHD2,000.
7. Paid monthly expenses: salaries BHD500, utilities BHD300, and telephone BHD100.
Instructions
1. Use a tabular summary to record the previous transactions.
2. Produce the income statement for the month of July.
3. Produce the balance sheet at July 31.
4. Demonstrate the usefulness of income statement and balance sheet in making decisions.
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