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Law Firm Transactions Journal and Trial Balance

Pandaka Higantes established her law firm, Higantes Law Office, and recorded various financial transactions for November 2019, including cash transfers, service renderings, and expenses. The document outlines the need to journalize these transactions, post them to a ledger, and prepare a trial balance. Key transactions include cash transfers, equipment purchases, service income, and personal withdrawals.

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Ketty De Guzman
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51 views1 page

Law Firm Transactions Journal and Trial Balance

Pandaka Higantes established her law firm, Higantes Law Office, and recorded various financial transactions for November 2019, including cash transfers, service renderings, and expenses. The document outlines the need to journalize these transactions, post them to a ledger, and prepare a trial balance. Key transactions include cash transfers, equipment purchases, service income, and personal withdrawals.

Uploaded by

Ketty De Guzman
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Problem 1

Journalizing, Posting, and Preparing a Trial Balance

Pandaka Higantes decided to establish her own law firm, Higantes Law office. The following transactions
of Pandaka Higantes for the Month of November 2019:

Novembe
r
2 Transferred cash from her personal savings to Higantes Law office, 350, 000.
4 Purchased equipment on account, 60, 000.
6 Rendered services to customers, 120, 000.
9 Purchased supplies, 5, 000.
10 Paid November 4 transaction.
15 Paid salary of her secretary, 10, 000
17 Received 15, 000 cash for service rendered.
19 Rendered legal services to a customer and submitted a bill of 50, 000.
20 Pandaka Higantes withdrew 70, 000 for personal use.
22 Billed Mango Goyo 35, 000 for service rendered
25 Paid electric and telephone expense, 6, 500.
30 Paid salary of employee, 10, 000.

Required:

1. Prepare the journal entries to record the November transactions.


2. Post the entries to the ledger
3. Prepare a trial balance.

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