Maria Sanchez Began Business as Sanchez Law Firm on November

question 93

Essay

Maria Sanchez began business as Sanchez Law Firm on November 1.Record the following November transactions by making entries directly to the T-accounts provided.Then,prepare a trial balance,as of November 30.
a.Sanchez invested $15,000 cash and a law library valued at $6,000 in exchange for common stock.
b.Purchased $7,500 of office equipment from Johnson Bros.on credit.
c.Completed legal work for a client and received $1,500 cash in full payment.
d.Paid Johnson Bros.$3,500 cash in partial settlement of the amount owed.
e.Completed $4,000 of legal work for a client on credit.
f.Paid a $2,000 cash dividend.
g.Received $2,500 cash as partial payment for the legal work completed for the client in (e).
h.Paid $2,500 cash for the legal secretary's salary.

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Definitions:

Class

A system of categorizing people based on their economic position, often determined by factors such as wealth, occupation, and social status.

Capitalism

An economic system based on the private ownership of the means of production and the creation of goods or services for profit.

Life Chances

A social science concept that refers to the opportunities each individual has to improve their quality of life, often influenced by social and economic factors.

Educational Opportunities

refer to the accessibility and availability of learning experiences and resources that can improve knowledge, skills, and qualifications.