SIMMONS LAW FIRM

NATURE OF BUSINESS
SERVICES BUSINESS
Brief Description of the Business

The firm specializes in multiple areas of law, including but not limited to, contract law, trademark disputes,
and general legal consultancy. The firm bills clients for services rendered, which can include court represe
ntations, legal advice, and drafting legal documents. The firm also incurs regular operational expenses suc
h as office supplies, utilities, staff salaries, and professional development costs.
Accounting Period
The accounting records provided span from January 1, 2024, to December 30, 2024
Closing Time and Date of the Accounting Cycle
The accounting cycle for this firm closes annually on December 31, 11:59 PM
 Simmons Law firm
General Journal
For the year ended on 31st December
Date
1-Jan-24
1-Jan-24
3-Jan-24
3-Jan-24
5-Jan-24
5-Jan-24
10-Jan-24
10-Jan-24
15-Jan-24
15-Jan-24
20-Jan-24
20-Jan-24
25-Jan-24
25-Jan-24
30-Jan-24
30-Jan-24
1-Feb-24
1-Feb-24
5-Feb-24
5-Feb-24
10-Feb-24
10-Feb-24
15-Feb-24
15-Feb-24
20-Feb-24
20-Feb-24
25-Feb-24
25-Feb-24
1-Mar-24
1-Mar-24
5-Mar-24
5-Mar-24
10-Mar-24
10-Mar-24
15-Mar-24
15-Mar-24
20-Mar-24
20-Mar-24
25-Mar-24
25-Mar-24
30-Mar-24
30-Mar-24
1-Apr-24
1-Apr-24
5-Apr-24
5-Apr-24
10-Apr-24
10-Apr-24
15-Apr-24
15-Apr-24
20-Apr-24
20-Apr-24
25-Apr-24
25-Apr-24
1-May-24
1-May-24
5-May-24
5-May-24
10-May-24
10-May-24
15-May-24
15-May-24
20-May-24
20-May-24
25-May-24
25-May-24
30-May-24
30-May-24
1-Jun-24
1-Jun-24
5-Jun-24
5-Jun-24
10-Jun-24
10-Jun-24
15-Jun-24
15-Jun-24
20-Jun-24
20-Jun-24
25-Jun-24
25-Jun-24
30-Jun-24
30-Jun-24
1-Jul-24
1-Jul-24
 5-Jul-24
5-Jul-24
10-Jul-24
10-Jul-24
15-Jul-24
15-Jul-24
20-Jul-24
20-Jul-24
25-Jul-24
25-Jul-24
30-Jul-24
30-Jul-24
1-Aug-24
1-Aug-24
5-Aug-24
5-Aug-24
10-Aug-24
10-Aug-24
15-Aug-24
15-Aug-24
20-Aug-24
20-Aug-24
25-Aug-24
25-Aug-24
30-Aug-24
30-Aug-24
20-Oct-24
20-Oct-24
25-Oct-24
25-Oct-24
30-Oct-24
30-Oct-24
1-Nov-24
1-Nov-24
5-Nov-24
5-Nov-24
10-Nov-24
10-Nov-24
15-Nov-24
15-Nov-24
20-Nov-24
20-Nov-24
25-Nov-24
25-Nov-24
30-Nov-24
 30-Nov-24
1-Dec-24
1-Dec-24
5-Dec-24
5-Dec-24
10-Dec-24
10-Dec-24
11-Dec-24
11-Dec-24
15-Dec-24
15-Dec-24
20-Dec-24
20-Dec-24
25-Dec-24
25-Dec-24
30-Dec-24
30-Dec-24
Total
 Simmons Law firm
General Journal
For the year ended on 31st December
Description
Owner Initially invested $10000 to firm
Owner Initially invested $10000 to firm
Received $5,000 as retainer fee for legal services
Received $5,000 as retainer fee for legal services
Provided legal consultation to Smith & Co., billed $1,500
Provided legal consultation to Smith & Co., billed $1,500
Paid office rent for the month, $1,200
Paid office rent for the month, $1,200
Purchased office supplies on credit from Office Depot, $300
Purchased office supplies on credit from Office Depot, $300
Received payment from Smith & Co. for the legal consultation
Received payment from Smith & Co. for the legal consultation
Paid salaries to staff, $2,500
Paid salaries to staff, $2,500
Purchased new computer equipment for the office, $2,000
Purchased new computer equipment for the office, $2,000
Provided legal representation in court for Jackson Enterprises, billed $3,000
Provided legal representation in court for Jackson Enterprises, billed $3,000
Received utility bill for the month, $150
Received utility bill for the month, $150
Paid legal subscription fees, $500
Paid legal subscription fees, $500
Received payment from Jackson Enterprises for legal representation
Received payment from Jackson Enterprises for legal representation
Provided legal consultation to Smith Enterprises, billed $1,800
Provided legal consultation to Smith Enterprises, billed $1,800
Purchased new office furniture, $1,800
Purchased new office furniture, $1,800
Received payment from Smith Enterprises for the legal consultation
Received payment from Smith Enterprises for the legal consultation
Paid office insurance premium for the year, $1,500
Paid office insurance premium for the year, $1,500
Provided legal research services to Johnson & Sons, billed $2,500
Provided legal research services to Johnson & Sons, billed $2,500
Paid annual membership fee for the Bar Association, $300
Paid annual membership fee for the Bar Association, $300
Received payment from Johnson & Sons for legal research services
Received payment from Johnson & Sons for legal research services
Purchased office furniture on credit from Office Furnishings Inc., $1,800
Purchased office furniture on credit from Office Furnishings Inc., $1,800
Provided contract drafting services to Brown & Co., billed $2,200
Provided contract drafting services to Brown & Co., billed $2,200
Received payment from Brown & Co. for contract drafting services
Received payment from Brown & Co. for contract drafting services
Paid internet and phone bill for the month, $120
Paid internet and phone bill for the month, $120
Hired a freelance legal researcher for a project, paid $600
Hired a freelance legal researcher for a project, paid $600
Provided trademark registration services to GreenTech Inc., billed $3,500
Provided trademark registration services to GreenTech Inc., billed $3,500
Paid quarterly taxes, $2,000
Paid quarterly taxes, $2,000
Purchased legal reference books, $400
Purchased legal reference books, $400
Received payment from GreenTech Inc. for trademark registration services
Received payment from GreenTech Inc. for trademark registration services
Purchased legal software updates, $500
Purchased legal software updates, $500
Provided legal consultation to Riverfront Properties, billed $1,700
Provided legal consultation to Riverfront Properties, billed $1,700
Purchased office software updates, $500
Purchased office software updates, $500
Received payment from Riverfront Properties for legal consultation
Received payment from Riverfront Properties for legal consultation
Paid office cleaning service for the month, $150
Paid office cleaning service for the month, $150
Provided legal advice on compliance issues to Summit Corporation, billed $2,500
Provided legal advice on compliance issues to Summit Corporation, billed $2,500
Received payment from Summit Corporation for compliance advice
Received payment from Summit Corporation for compliance advice
Paid professional liability insurance premium, $1,800
Paid professional liability insurance premium, $1,800
Purchased office printer supplies, $200
Purchased office printer supplies, $200
Provided legal consultation to AlphaTech Inc., billed $1,600
Provided legal consultation to AlphaTech Inc., billed $1,600
Received payment from AlphaTech Inc. for legal consultation
Received payment from AlphaTech Inc. for legal consultation
Paid salaries to staff, $2,800
Paid salaries to staff, $2,800
Purchased legal research software, $700
Purchased legal research software, $700
Provided legal representation in a trademark infringement case for Tech Innovations, billed $3,500
Provided legal representation in a trademark infringement case for Tech Innovations, billed $3,500
Paid office utility bill for the month, $180
Paid office utility bill for the month, $180
Purchased office supplies, $300
Purchased office supplies, $300
Received payment from Tech Innovations for trademark infringement representation
Received payment from Tech Innovations for trademark infringement representation
Provided legal consultation to Riverfront Properties, billed $1,800
Provided legal consultation to Riverfront Properties, billed $1,800
Paid office maintenance fees, $250
Paid office maintenance fees, $250
Purchased ergonomic office chairs, $1,000
Purchased ergonomic office chairs, $1,000
Received payment from Riverfront Properties for legal consultation
Received payment from Riverfront Properties for legal consultation
Paid professional development seminar fees for staff training, $700
Paid professional development seminar fees for staff training, $700
Provided legal consultation to Global Enterprises, billed $1,800
Provided legal consultation to Global Enterprises, billed $1,800
Purchased office printer supplies, $200
Purchased office printer supplies, $200
Received payment from Global Enterprises for legal consultation
Received payment from Global Enterprises for legal consultation
Paid quarterly taxes, $2,000
Paid quarterly taxes, $2,000
Purchased legal reference books, $400
Purchased legal reference books, $400
Provided legal representation in a trademark dispute for Alpha Industries, billed $3,500
Provided legal representation in a trademark dispute for Alpha Industries, billed $3,500
Paid office maintenance fees, $250
Paid office maintenance fees, $250
Purchased legal reference books, $400
Purchased legal reference books, $400
Received payment from Alpha Industries for trademark dispute representation
Received payment from Alpha Industries for trademark dispute representation
Paid office cleaning service for the month, $150
Paid office cleaning service for the month, $150
Provided legal consultation to SilverTech Inc., billed $1,700
Provided legal consultation to SilverTech Inc., billed $1,700
Purchased office printer supplies, $200
Purchased office printer supplies, $200
Received payment from SilverTech Inc. for legal consultation
Received payment from SilverTech Inc. for legal consultation
Paid professional liability insurance premium, $1,800
Paid professional liability insurance premium, $1,800
Purchased legal research software, $700
Purchased legal research software, $700
Provided legal advice on a merger to Global Enterprises, billed $3,000
Provided legal advice on a merger to Global Enterprises, billed $3,000
Paid office utility bill for the month, $170
Paid office utility bill for the month, $170
Purchased office supplies, $300
Purchased office supplies, $300
Drawings for personal use,$1200
Drawings for personal use,$1200
Received payment from Global Enterprises for merger advice
Received payment from Global Enterprises for merger advice
Provided legal representation in a contract dispute for TechSolutions LLC, billed $2,900
Provided legal representation in a contract dispute for TechSolutions LLC, billed $2,900
Paid annual fee for legal case management software, $1,200
Paid annual fee for legal case management software, $1,200
Purchased office printer supplies, $200
Purchased office printer supplies, $200
m

ecember
Title of Account Debit Credit
Cash 10000
Capital 10000
Cash 5000
Unearned Revenue 5000
Accounts Receivable 1500
Service Revenue 1500
Rent Expense 1200
Cash 1200
Office Supplies 300
Accounts Payable 300
Cash 1500
Accounts Receivable 1500
Salary Expense 2500
Cash 2500
Computer Equipment 2000
Cash 2000
Accounts Receivable 3000
Service Revenue 3000
Utilities Expense 150
Accounts Payable 150
Legal Subscription Expens 500
Cash 500
Cash 3000
Accounts Receivable 3000
Accounts Receivable 1800
Service Revenue 1800
Office Furniture 1800
Cash 1800
Cash 1800
Accounts Receivable 1800
Insurance Expense 1500
Cash 1500
Accounts Receivable 2500
Service Revenue 2500
Professional Dues Expens 300
Cash 300
Cash 2500
Accounts Receivable 2500
Office Furniture 1800
Accounts Payable 1800
Accounts Receivable 2200
Service Revenue 2200
Cash 2200
Accounts Receivable 2200
Utilities Expense 120
Cash 120
Legal Research Expense 600
Cash 600
Accounts Receivable 3500
Service Revenue 3500
Taxes Expense 2000
Cash 2000
Books and Publications E 400
Cash 400
Cash 3500
Accounts Receivable 3500
Software Expense 500
Cash 500
Accounts Receivable 1700
Service Revenue 1700
Office Software Updates 500
Cash 500
Cash 1700
Accounts Receivable 1700
Cleaning Service Expense 150
Cash 150
Accounts Receivable 2500
Service Revenue 2500
Cash 2500
Accounts Receivable 2500
Professional Liability Ins 1800
Cash 1800
Office Printer Supplies Ex 200
Cash 200
Accounts Receivable 1600
Service Revenue 1600
Cash 1600
Accounts Receivable 1600
Salary Expense 2800
Cash 2800
Legal Research Software 700
Cash 700
Accounts Receivable 3500
Service Revenue 3500
Utilities Expense 180
Cash 180
Office Supplies 300
Cash 300
Cash 3500
Accounts Receivable 3500
Accounts Receivable 1800
Service Revenue 1800
Office Maintenance Expe 250
Cash 250
Office Furniture 1000
Cash 1000
Cash 1800
Accounts Receivable 1800
Professional Developmen 700
Cash 700
Accounts Receivable 1800
Service Revenue 1800
Office Printer Supplies Ex 200
Cash 200
Cash 1800
Accounts Receivable 1800
Taxes Expense 2000
Cash 2000
Books and Publications E 400
Cash 400
Accounts Receivable 3500
Service Revenue 3500
Office Maintenance Expe 250
Cash 250
Books and Publications E 400
Cash 400
Cash 3500
Accounts Receivable 3500
Cleaning Service Expense 150
Cash 150
Accounts Receivable 1700
Service Revenue 1700
Office Printer Supplies Ex 200
Cash 200
Cash 1700
Accounts Receivable 1700
Professional Liability Ins 1800
Cash 1800
Legal Research Software 700
Cash 700
Accounts Receivable 3000
Service Revenue 3000
Utilities Expense 170
Cash 170
Office Supplies 300
Cash 300
Drawings 1200
Cash 1200
Cash 3000
Accounts Receivable 3000
Accounts Receivable 2900
Service Revenue 2900
Software Expense 1200
Cash 1200
Office Printer Supplies Ex 200
Cash 200
122520 122520
 Capital
Date Title of Account Sum of Debit Sum of Credit Sum of Balance
1-Jan-24 Capital $10,000.00 (10,000.00)
Grand Total $10,000.00 (10,000.00)
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 Simmons Law firm
Trial Balance
for the year ended in 31 December
Title Of Account Debit Credit
Accounts Payable $2,250.00
Accounts Receivable 2,900.00
Books and Publications Expense $1,200.00
Capital $10,000.00
Cash 19,430.00
Cleaning Service Expense $300.00
Computer Equipment $2,000.00
Drawings $1,200.00
Insurance Expense $1,500.00
Legal Research Expense $600.00
Legal Research Software Expense $1,400.00
Legal Subscription Expense $500.00
Office Furniture $4,600.00
Office Maintenance Expense $500.00
Office Printer Supplies Expense $800.00
Office Software Updates Expense $500.00
Office Supplies $900.00
Professional Development Expen $700.00
Professional Dues Expense $300.00
Professional Liability Insurance E $3,600.00
Rent Expense $1,200.00
Salary Expense $5,300.00
Service Revenue $38,500.00
Software Expense $1,700.00
Taxes Expense $4,000.00
Unearned Revenue $5,000.00
Utilities Expense $620.00
Grand Total $55,750.00 $55,750.00
 Adjusting Entries
Description Titile of Account
Depreciation expense for consumed office supplies Depreciation Expense-supplies
Depreciation expense for consumed office supplies Accumulated Depreciation-supplies
Depreciation of office Furniture Depreciation Expense- furniture
Depreciation of office Furniture Accumulated Depreciation-furniture
Recognized allowance for potential bad debts Bad Debt Expense
Recognized allowance for potential bad debts Allowance for Bad Debt
Recognized tax expense not yet paid Taxes Expense
Recognized tax expense not yet paid Taxes Payable
Internet and phone bill expense incurred but not yet paid Utilities Expense
Internet and phone bill expense incurred but not yet paid Utilities Payable
Salary expense for work done but not yet paid Salary Expense
Salary expense for work done but not yet paid Salaries Payable
Depreciation of Computer Equipment Purchased Depreciation Expense-computer
Depreciation of Computer Equipment Purchased Accumulated Depreciation-computer
Debit Credit
$150
$150
$800
$800
$400
$400
$150
$150
$90
$90
$3,500
$3,500
$400
$400
 Simmons Law firm
Adjusted Trial Balance
For the year ended on 31st December
Title Of Account Debit Credit
Accounts Payable $2,250.00
Accounts Receivable 2,900.00
Books and Publications Expense $1,200.00
Capital $10,000.00
Cash 19,430.00
Cleaning Service Expense $300.00
Drawings $1,200.00
Computer Equipment $2,000.00
Insurance Expense $1,500.00
Legal Research Expense $600.00
Legal Research Software Expense $1,400.00
Legal Subscription Expense $500.00
Office Furniture $4,600.00
Office Maintenance Expense $500.00
Office Printer Supplies Expense $800.00
Office Software Updates Expense $500.00
Office Supplies $900.00
Professional Development Expense $700.00
Professional Dues Expense $300.00
Professional Liability Insurance Expense $3,600.00
Rent Expense $1,200.00
Salary Expense $8,800.00
Service Revenue $38,500.00
Software Expense $1,700.00
Taxes Expense $4,150.00
Unearned Revenue $5,000.00
Utilities Expense $710.00
Depreciation Expense-supplies $150
Accumulated Depreciation-supplies $150
Depreciation Expense- furniture $800
Accumulated Depreciation-furniture $800
Bad Debt Expense $400
Allowance for Bad Debt $400
Taxes Payable $150
Utilities Payable $90
Salaries Payable $3,500
Depreciation Expense-computer $400
Accumulated Depreciation-computer $400
Total $61,240.00 $61,240.00
 Simmons Law firm
Income statement
For the year ended on 31st December
Revenues
Service Revenue $38,500.00

Expenses
Books and Publication Services $1,200
Cleaning Service Expense $300.00
Insurance Expense $1,500.00
Legal Research Expense $600.00
Legal Research Software Expense $1,400.00
Legal Subscription Expense $500.00
Office Maintenance Expense $500.00
Office Printer Supplies Expense $800.00
Office Software Updates Expense $500.00
Professional Development Expense $700.00
Professional Dues Expense $300.00
Professional Liability Insurance Expense $3,600.00
Rent Expense $1,200.00
Salary Expense $8,800.00
Software Expense $1,700.00
Taxes Expense $4,150.00
Utilities Expense $710.00
Depreciation Expense-supplies $150
Depreciation Expense- furniture $800
Bad Debt Expense $400
Depreciation Expense-computer $400 $30,210.00

Net Profit $8,290.00

 Simmons Law firm
OWNERS EQUITY STATEMENT
For the year ended on 31st December

Capital
Investement 10000
Add:Net Profit 8290
Less:Drawing 1200
Ending Capital Balance 17090
 Simmons Law firm
Balance Sheet
For the year ended on 31st December

Assets Amount

Current Asset
Cash 19,430.00
Account Receivable 2900
less:Allowance for bad debt 400 2,500.00
Office Supplies $900
less:Accumulated Depreciation-supplies 150 750.00

Fixed Asset

Computer Equipment 2000

less:Accumulated Depreciation-Computer 400 1,600.00
Office Furniture 4600
less:Accumulated Depreciation-furniture 800 3,800.00
28,080.00
aw firm
heet
n 31st December

Equities Amount

Liabilty
Unearned Revenue 5,000.00
Accounts Payable 2,250.00
Taxes Payable 150.00
Utilities Payable 90.00
Salaries Payable 3,500.00

Owners Equity

Capital 10000
Add:Net Profit 8290
Less:Drawings 1200
17090
28,080.00
 Closing Entries
1 Service Revenue $38,500.00
Income Summary $38,500.00
2 Income Summary $30,210.00
Books and Publication Services $1,200
Cleaning Service Expense $300.00
Insurance Expense $1,500.00
Legal Research Expense $600.00
Legal Research Software Expense $1,400.00
Legal Subscription Expense $500.00
Office Maintenance Expense $500.00
Office Printer Supplies Expense $800.00
Office Software Updates Expense $500.00
Professional Development Expense $700.00
Professional Dues Expense $300.00
Professional Liability Insurance Expense $3,600.00
Rent Expense $1,200.00
Salary Expense $8,800.00
Software Expense $1,700.00
Taxes Expense $4,150.00
Utilities Expense $710.00
Depreciation Expense-supplies $150
Depreciation Expense- furniture $800
Bad Debt Expense $400
Depreciation Expense-computer $400
3 Income Summary $8,290
Net Profit $8,290
4 Net Profit $8,290
Capital $8,290
 Simmons Law firm
Post Closing Trial Balance
For the year ended on 31st December
Title Of Account Debit Credit
Accounts Receivable 2,900.00
Cash 19,430.00
Computer Equipment $2,000.00
Office Furniture $4,600.00
Office Supplies $900.00
Unearned Revenue $5,000.00
Accumulated Depreciation-supplies $150
Allowance for Bad Debt $400
Taxes Payable $150
Utilities Payable $90
Salaries Payable $3,500
Accumulated Depreciation-computer $400
Accumulated Depreciation-furniture $800
Capital $17,090
Total 29,830.00 $27,580.00