Maria Sanchez Began Business as Sanchez Law Firm on November

question 133

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.
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) Sanchez withdrew $2,000 cash for personal use.
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:

Human Nature

The inherent characteristics, including ways of thinking, feeling, and acting, that humans are believed to have naturally.

Recognition

The act of acknowledging or identifying something or someone seen, heard, or known previously.

Management Skill

The capabilities and competencies that allow an individual to effectively direct, control, and administer tasks, resources, and people.

Job Performance

The manner and efficiency with which an individual fulfills their work roles and responsibilities.