Amelio has operated a one person law firm for many years

Amelio has operated a one-person law firm for many years. During the first week of February,
the following events occurred in his business.Feb. 2 Collected $1,800 from a client for legal
work performed.3 February’s office rent of $1,200 was paid to the landlord.4 A $300 payment
was made on a loan previously obtained from a local bank.4 The monthly subscription to
Lawyer’s Monthly magazine (a Miscellaneous Expense) was paid: $35.5 Collected $4,250 for
legal services performed.5 Purchased a computer for $3,200 using cash.6 Wages were paid to
the office staff totaling $525.6 Office supplies of $128 were purchased for cash and were
consumed.Show how the events above would be recorded using the format demonstrated in the
chapter. Beginning account balances were as follows: Cash $5,000, Liabilities $1,500,
Contributed Capital $3,000, and Retained Earnings $500. Prepare an income statement for the
first week of February.View Solution:
Amelio has operated a one person law firm for many years
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