Question
In: Accounting
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:
a. Sharon Mathews transferred cash from a personal bank account to an account to be used for the business account, $40,000.
b. Paid rent on office and equipment for the month, $6,000.
c. Purchased supplies on account $3,200.
d. Paid creditor on account, $1,750.
e. Earned fees, received cash, $18, 250.
f. Paid automobile expenses (including rental change) for month, $1, 880, and miscellaneous expenses, $420.
g. Paid office salaries, $5,000.
h. Determined that the cost of supplies used was $1,400.
i. Withdrew cash for personal use, $2,000.
Instructions
1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expenses; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted.
2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance.
3. Prepare an unadjusted trial balance as of January 31, 2019.
4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for January.
5. Determine the increase or decrease in owner's equity for January.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the...
On January 1, 2019, Sharon Matthews established Tri-City Realty,
which completed the following transactions during the month: Jan. 1
Sharon Matthews transferred cash from a personal bank account to an
account to be used for the business, $40,000. 2 Paid rent on office
and equipment for the month, $6,000. 3 Purchased supplies on
account, $3,200. 4 Paid creditor on account, $1,750. 5 Earned fees,
receiving cash, $18,250. 6 Paid automobile expenses (including
rental charge) for month, $1,880, and miscellaneous expenses,...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the...
On January 1, 2019, Sharon Matthews established Tri-City Realty,
which completed the following transactions during the month: Jan. 1
Sharon Matthews transferred cash from a personal bank account to an
account to be used for the business, $31,000. 2 Paid rent on office
and equipment for the month, $2,850. 3 Purchased supplies on
account, $2,350. 4 Paid creditor on account, $850. 5 Earned fees,
receiving cash, $14,920. 6 Paid automobile expenses (including
rental charge) for month, $1,640, and miscellaneous expenses,...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the...
On January 1, 2019, Sharon Matthews established Tri-City Realty,
which completed the following transactions during the month:
Jan.
1
Sharon Matthews transferred cash
from a personal bank account to an account to be used for the
business, $31,500.
2
Paid rent on office and equipment
for the month, $2,750.
3
Purchased supplies on account,
$2,350.
4
Paid creditor on account,
$800.
5
Earned fees, receiving cash,
$16,160.
6
Paid automobile expenses (including
rental charge) for month, $1,640, and miscellaneous expenses,...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the...
On January 1, 2019, Sharon Matthews established Tri-City Realty,
which completed the following transactions during the month:
Jan.
1
Sharon Matthews transferred cash from a personal bank account
to an account to be used for the business, $31,500.
2
Paid rent on office and equipment for the month, $2,750.
3
Purchased supplies on account, $2,350.
4
Paid creditor on account, $800.
5
Earned fees, receiving cash, $16,160.
6
Paid automobile expenses (including rental charge) for month,
$1,640, and miscellaneous expenses,...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the...
On January 1, 2019, Sharon Matthews established Tri-City Realty,
which completed the following transactions during the month:
Jan.
1
Sharon Matthews transferred cash
from a personal bank account to an account to be used for the
business, $29,000.
2
Paid rent on office and equipment
for the month, $2,350.
3
Purchased supplies on account,
$2,250.
4
Paid creditor on account,
$800.
5
Earned fees, receiving cash,
$14,640.
6
Paid automobile expenses (including
rental charge) for month, $1,520, and miscellaneous expenses,...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the...
On January 1, 2019, Sharon Matthews established Tri-City Realty,
which completed the following transactions during the month:
Jan.
1
Sharon Matthews transferred cash from a personal bank account
to an account to be used for the business, $30,000.
2
Paid rent on office and equipment for the month, $2,450.
3
Purchased supplies on account, $2,200.
4
Paid creditor on account, $850.
5
Earned fees, receiving cash, $14,940.
6
Paid automobile expenses (including rental charge) for month,
$1,580, and miscellaneous expenses,...
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during...
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat
completed the following transactions during the month of July:
Opened a business bank account with a deposit of $30,000 from
personal funds.
Purchased office supplies on account, $3,030.
Paid creditor on account, $1,920.
Earned sales commissions, receiving cash, $30,900.
Paid rent on office and equipment for the month, $6,060.
Withdrew cash for personal use, $10,000.
Paid automobile expenses (including rental charge) for the
month, $2,900, and miscellaneous expenses, $1,390....
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during...
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat
completed the following transactions during the month of July.
A.
Opened a business bank account with a deposit of $24,000 from
personal funds.
B.
Purchased office supplies on account, $2,100.
C.
Paid creditor on account, $1,200.
D.
Earned sales commissions, receiving cash, $38,000.
E.
Paid rent on office and equipment for the month, $2,400.
F.
Withdrew cash for personal use, $3,700.
G.
Paid automobile expenses (including rental charge) for...
On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the...
On October 1, 2018, Jay Crowley established Affordable Realty,
which completed the following transactions during the month:
Jay Crowley transferred cash from a personal bank account to an
account to be used for the business in exchange for Common Stock,
$31,000.
Paid rent on office and equipment for the month, $5,730.
Purchased supplies on account, $1,690.
Paid creditor on account, $620.
Earned sales commissions, receiving cash, $26,040.
Paid automobile expenses (including rental charge) for month,
$1,590, and miscellaneous expenses, $1070....
On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the...
On October 1, 2018, Jay Crowley established Affordable Realty,
which completed the following transactions during the month:
Jay Crowley transferred cash from a personal bank account to an
account to be used for the business in exchange for Common Stock,
$28,000.
Paid rent on office and equipment for the month, $5,050.
Purchased supplies on account, $1,490.
Paid creditor on account, $550.
Earned sales commissions, receiving cash, $22,960.
Paid automobile expenses (including rental charge) for month,
$1,400, and miscellaneous expenses, $940....
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