February 16 Ross takes a potential client to dinner at The Keg. The cost of the
ID: 2539986 • Letter: F
Question
February 16 Ross takes a potential client to dinner at The Keg. The cost of the dinner (including wine) is $215. Ross pays for the dinner using cash. February 18 Dinner at The Keg paid off! Client E retains yet provided any legal services to the client. February 21 Ross pays fees in the amount of $1,800 to the Ross and gives him a retainer of $600. Ross has not Law Society of Upper Canada February 24 Ross receives payment from client D in the amount of $525 February 26 Ross pays the February 1 advertising invoice in the amount of $400. February 26 Ross pays the February 1 Staples invoice in the amount of S1,450. February 26 Ross pays the February 1 Ikea invoice in the amount of $4,275. February 28Ross withdraws $2,500 for his own personal use.Explanation / Answer
Please comment in case of any doubt.
Date Journal Dr. Cr. 16-Feb Buinesss Development expense 215 To Cash 215 (Being cash paid for dinner) 18-Feb Cash A/c 600 Unearned revenue 600 (Being 600 paid to Ross for services ) 21-Feb Membership fee A/c 1800 To Cash 1800 (Being paid fees to law society of upper cancada) 24-Feb Cash A/c 525 TO Accounts receivable 525 (being cash received from client) 26-Feb Advertising expense payable A/c 400 To Cash 400 (Being advertisement invoice paid) 26-Feb Notes/Accounts payable A/c 1450 To Cash 1450 (Being cash paid to creditors) 26-Feb Notes/Accounts payable A/c 4275 To Cash 4275 (Being cash paid to creditors) 28-Feb Drawings A/c 2500 TO cash 2500 (Being cash withdrawl for personal use)Related Questions
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