Question

Journal Entries: Journalize the following transactions for a new business Jan 1 - Owner transferred cash from personal bank account to new business account, $25,000 Jan 2 - Paid rent for office and equipment for the month of January, $2,800 Jan 5 - Purchased supplies for future use on account, $1,200 Jan 6 - Paid by check marketing expenses, $1,250 Jan 18 - Earned fees, sent client an invoice to be paid next month, $9,125 Jan 25 - Paid by check office salaries, $2,600 Jan 30 - Paid cash for office supplies purchased on Jan 5, $1,200 Jan 31 - Owner withdrew cash for personal use, $500 The account titles are (you must type them exactly as show): Cash, Account receivable, Account payable, Owner's equity, OE withdraw, Fees earned, Marketing Expense, Supplies, Rent expense, Salary expense

Based on the transactions in Question 1, answer the following to the end of the month: Total revenue recorded: $ Total expenses recorded: $ Total net income/loss for the month: $ Total assets at end of month: $ Total liabilities at end of month: $ Owner's equity balance at end of month: $

Answer 1