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Assignment Legal Accounting AB-L1074 Student First Name: Zyra Student Last Name: Marquez Student ID Number: Instructor Name: Ifeoma Laura Owosuyi Date: Oct 26, 2021 Instructions: 1. Read instructions carefully. 2. Attempt all parts (questions) of the assignment. 3. Hand in on time. RESULTS: Section 1 20/ Section 2 20/ Section 3 20/ Section 4 20/ Section 5 20/ Total 100/ Section 1 - Financial Statements Journalize the following entries: a. January 1, 2020Maria Pearson makes an initial investment to CDI Legal Services. The investment is $50,000. b. January 1,$5,000 of computer equipment was purchased on account. c. January 1,$10,000 of furniture was purchased on account. d. January 1,$750 of supplies was purchased paid by cash. e. January 1,one year’s worth of Errors and Omissions insurance was purchased with cash. The cost of the insurance was $1,500. f. January 1,$6,000 rent was paid by cash for the months of January, February and March. g. January 1,$1,250 was paid by cash for 12 month’s worth of advertising. h. January 5,Maria provided services on account for $15,000. i. January 5,Maria paid Earnest & Young Ltd. $5,000 accounting fees (an expense) on account. j. January 12,received partial payment for services rendered on January 5. The payment was $10,000. k. January 15,made $2,500 partial payment towards furniture purchased on January 1. l. January 15,Maria Pearson withdrew $4,000 for personal use. m. January 21,Maria made $5,000 partial payment towards computer equipment purchased on January 1. n. January 27,received $25,000 for revenue not earned. o. January 31,paid-off Petro Canada credit card (fuel expense) of $250 Legal Accounting AB-L1074 Assignment - Page 10 © 2020 September 22, 2020 Journal Page 1 DATE 2020 Account Titles and Explanations Post Ref. DEBIT CREDIT Jan 1 1 1 1 1 1 1 5 5 12 15 15 21 27 Jan 31 Post to the following ledger accounts: CashComputer EquipmentSupplies FurniturePrepaid Insurance Prepaid RentAccounts ReceivableCapital, M. Pearson Withdrawals Prepaid Advertising Accounts Payable Unearned Revenue Revenue Earnest & Young Ltd. Expense Fuel Expense Section 2 - Input the missing values in the following Unadjusted Trial Balance: CDI Legal Services Unadjusted Trial Balance January 31, 2020 Cash Accounts Receivable Supplies Computer Equipment Furniture Prepaid advertising Prepaid rent Prepaid insurance Accounts Payable Unearned Revenue Capital, Maria Pearson Withdrawals Revenue Earnest & Young Ltd. Expense Fuel Expense 102,500.00 Given the following information and transactions: · Add/adjust any necessary journal entries, · Add/adjust any additional ledger account entries · Adjust the Trial Balance: · The computer equipment will have an expected lifespan of three years. · The furniture will have an expected lifespan of six years. · Monday January 24, Sally Fields was hired. She is paid $1,000 biweekly. She will be paid for two weeks work on February 4 (one week’s salary, $500, is a January expense). · January 31, one month’s worth of Errors and Omissions insurance was used-up. · January 31, January’s rent was used-up. · January 31, one month of advertising was used-up. · January 31, it was noticed that the office only used $300 of supplies. Section 3 Adjusting Journal Page 2 DATE 2020 Account Titles and Explanations Post. Ref. DEBIT CREDIT Jan 31 31 31 31 31 31 31 Amortization ExpenseAccum. Equipment Amortization Accum. Furniture Amortization Salary ExpenseSalary PayableInsurance Expense Prepaid Insurance Rent Expense Prepaid Rent Advertising Expense Prepaid Advertising Supplies Expense Supplies Section 4 CDI Legal Services Adjusted Trial Balance January 31, 2020 Account Title Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Supplies Computer Equipment Furniture Prepaid advertising Prepaid rent Prepaid insurance Accounts Payable Unearned Revenue Capital, Maria Pearson Withdrawals Revenue Earnest & Young Expense Fuel Expense Amortization Expense Accum. Equipment Amort. Accum. Furniture Amort. Salary Expense Salary Payable Insurance Expense Rent Expense Advertising Expense Supplies Expense Take the information from the Adjusted Trial Balance and input the values into the below Income Statement. CDI Legal Services Income Statement For the Month Ended January 31, 2020 Revenue Revenue Total Revenue Salary Expense .00 Supplies Expense Fuel Expense Insurance Expense Rent Expense Earnest & Young Ltd. Expense Advertising Expense Amortization Expense Total Expenses . Net income Section 5 Take the information from the Adjusted Trial Balance and Income Statement, and input the values into the below Statement of Owner’s Equity. CDI Legal Services Statement of Owner’s Equity For the Month Ended January 31, 2020 Maria Pearson, capital, January 1, 2020 Add: New Investment Add: Net Income \ Net Loss Less: Withdrawals Maria Pearson, capital January 31, 2020 Take the information from the above statements, and input the values into the below Balance Sheet. CDI Legal Services Balance Sheet January 31, 2020 Assets Liabilities Accounts Payable …………... Cash Salary Payable …………… Accounts Receivable Unearned Revenue …………… Computer Equipment Less: Accumulated. Equip. Amortization . Total Liabilities …………… Furniture . Less: Accumulated Furniture Amortization . Owner’s Equity M. Pearson, capital …………... Prepaid Insurance Prepaid Advertising Prepaid Rent Supplies Total Assets Total Liabilities and Owner’s Equity