90.2K

Verified Solution

Link Copied!

Review the following transactions and related T-accounts that were previously prepared. Assume that all transactions occurred in the month of November 2016 (Click the icon to view the transactions) Click the icon to view the T-accounts.) Read the requirements Requirement 1. Prepare the trial balance of Luke Newton, Attorney, at November 31, 2016. Use the T-accounts that have been prepared for the business, Luke Newton, Attorney Trial Balance November 31, 2015 Account Debit Credit 10 Requirement 2. How well did the business perform during its fast month Compute net income (or net loss) for the month (Please use a minus sign or parentheses to enter a los The business performed as shown by the s of for me month of November In the Cash Common Stock (a) 23,000 (6) 1,500 (a) 32,400 (d) 3,000 (e) 750 (9) 2,200 Bal 15,550 Bal 32,400 Accounts Receivable Dividends (1) 10,000 (9) 2,200 Bal 10,000 Bal 2,200 Office Supplies Service Revenue (C) 1,300 0 10,000 Bal 1,300 Bal 10,000 Office Furniture Salary Expense (a) 9,400 (d) 3,000 Bal 9,400 Bal 3,000 Accounts Payable Rent Expense (e) 750 (0) 1,300 (b) 1,500 Bal 550 Bal 1,500 a. b. w Luke Newton opened a law firm by investing $23,000 and office furniture with a fair value of $9.400. Organized as a professional corporation, the business issued common shares to Newton. Paid monthly rent of $1,500. Purchased office supplies on account, $1,300. Paid employee salaries of $3,000. Paid $750 of the account payable created in transaction c. Performed legal services on account, $10,000. Declared and paid dividends of $2,200. c. d. e. f. g

Answer & Explanation Solved by verified expert

See Answer