Margarita Gonzales Law Office Margarita Gonzales Law Office was established on January 1, 2×20, and the following events occured during the first month of operation: 1. Margarita invested 100,000 cash

Margarita Gonzales Law Office Margarita Gonzales Law Office was established on January 1, 2×20, and the following events occured during the first month of operation: 1. Margarita invested 100,000 cash as working capital to start her business 2. Purchase of furnitures for 30,000, 50% paid in cash and 50% taken as a credit 3.She signed two (2) service contracts: with XYZ for services performed during the month in the amoun of 4,000 and with ABC for services that will be performed during the first week of next month for 5,000. Margarita received an advance of 20,000 with the signature of its contract. 4. The furniture bought has a useful life of 30-month and should be depreciated straight line. 5. Margarita agreed to pay her assisstant 15,000 for the service performed of which she paid already 10,000. 6. XYZ paid 20,000 7. Rent for the month of 10,000 was paid through bank transfer. 8. An electricity bill for 3,000 was received by mail. Do the following based on the information: 1. Necessary journal entries and 2. Statement of financial position for the month ending in January 31, 2020

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