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Question
journal entry worksheet
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record the payment of legal fees.
note: enter debits before credits.
date general journal debit credit
may 12
Step1: Identify the accounts involved
Legal fees are an expense, and when paid, cash (or another asset account if not paid in cash) is reduced.
Step2: Determine debit - credit rules
Expenses are debited when they increase. So, the Legal Fees Expense account is debited. Assets are credited when they decrease. If paid in cash, the Cash account is credited.
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| Date | General Journal | Debit | Credit |
|---|---|---|---|
| May 12 | Cash | [Amount] |
(Replace [Amount] with the actual amount of legal fees paid)