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You just graduated from law school and are doing your own accounting for your new...

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Accounting

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You just graduated from law school and are doing your own accounting for your new law practice. Please compose the appropriate journal entries (no memos needed) and post them to the T-accounts. PLEASE also strike a balance in each T-account 1. On January 2, 2020, you borrow $300,000 from the bank. The interest rate is 6%. Accrued interest and principal is all due in two years. 2. On January 2, 2020, you sign a lease for a small office for six months. Rent is $2,000 a month, but the landlord requires you pay all the rent up front. 3. On January 2, 2020, you pay cash for a networked computer system for $60,000. It has an estimated useful life of 60 months (five years) with no predicted residual value. 4. On January 2, 2020, a client pays you $5,000 in advance for drafting a trust agreement 5. On January 31, 2020, you complete the work for the trust client and make all appropriate adjusting journal entries for the month. New Law Firm, Inc. General Journal Account 8 points Computer System Notes Payable Legal Fees Earned Depreciation Expense Rent Expense Accumulated Depreciation Interest Payable 4 points Prepaid Rent Interest Expense Unearned Revenue

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