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11) Mary Sunny began business as Sunny Law Firm on November 1 and these transactions during November 2017, the first month of operation Mary invested $15,000 cash and a law library valued at S6.000 im common stock exchange for . N e Nov. 8 Paid Staples $3,500 cash in partial settlement of the amount ov. 2 Purchased $7,500 of office equipment from Staples on credit. owed from November 2nd. ° Nov. 18 Completed $4,000 of legal work for a client on credit. Insm required) . Nov. 29 Paid Novembers utilities of S$1,350 . Nov. 30 Received $2,500 cash as partial payment for completed for the client from Nov. 18. repare general journal entries to record these transactions. NOTE: two of the journal ntries require a MEMO. Credit Debit Date Accounts
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Answer #1

Following are the journal entries for the month of November 2017:-

Date accounts debit credit
Nov 1.  

Cash

Law library

Common stock

(To Cash and law library contributed for common stock )

15000

6000

21000

Nov 2.  

Office equipment

Staples

(To office equipment purchased from Staples on credit)

7500

7500

Nov 8.  

Staples

Cash

(To cash paid to Staples )

3500

3500

Nov 18.  

Accounts receivable

Fees earned

(To client work completed )

4000

4000

Nov 29 .

Utilities

Cash

(To utilities paid )

1350

1350

Nov 30.  

Cash

Accounts receivable

(To Cash received from customer )

2500

2500

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