On January 2, 20__, Judy Turner, an attorney, opened a law office as Judy Turner, Attorney at Law, P.C. These transactions were completed during the month:
a. Invested $20,000 cash and $13,200 worth of office equipment in the business in exchange for capital stock.
b. Paid a month’s rent of $2,500.
c. Paid $1,000 for office supplies.
d. Collected legal fees of $19,600.
E. Paid secretary a salary of $1,100.
F. Purchased $200 worth of office supplies on account.
g. Bought an auto for business use. It cost $13,000. Turner paid $2,600 down and charged the balance.
h. Paid dividends of $5,000.
i. Paid $800 for auto repairs and maintenance.
j. Received a $240 telephone bill.
k. Paid the $240 telephone bill.
l. Paid premiums of $1,700 on property insurance.
m. Paid $2,000 on accounts payable.
n. Paid $5,000 cash for books for the law library.
o. Paid $500 cash for janitor service.
(1) Record the transactions in the T accounts that follow.
(2) Prepare a trial balance, using the form on the following page.