LEDGER

ASSETS

=

LIABILITIES

+

OWNER'S EQUITY

CASH

A/P

SMITH, CAPITAL

$ 6,500

$ 100

$ 500

$ 3,000

$ 6,500

$ 2,000

$ 7,000

$ 2,500

$ 6,500

$ 4,000

$ 1,200

$ 500

UNEARNED FEES

SMITH, WITHDRAWALS

$ 1,000

$ 2,000

$ 1,000

$ 1,000

$ 2,000

$ 1,000

$ 1,000

$ 200

FEES EARNED

$ 12,500

$ 12,000

$ 4,000

$ 500

$ 4,000

OFFICE SUPPLIES

SALARIES EXPENSE

$ 100

$ 1,000

$ 100

$ 1,000

PREPAID INSURANCE

RENT EXPENSE

$ 1,200

$ 1,000

$ 1,200

$ 1,000

LAW LIBRARY

UTILITY EXPENSE

$ 3,000

$ 200

$ 3,000

$ 200

OFFICE EQUIPMENT

$ 7,000

$ 7,000

TOTAL DEBITS

TOTAL CREDITS

$ 15,000

$ 15,000