On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed

Question

On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:

Required:

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, $890. 7 Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,100. 9 Withdrew cash for personal use, $2,600.

Explanation / Answer

journal Entries

T- Accounts

Unadjusted Trial Balance

date

Explanation

debit

credit

cash

explanation

Debit

credit

1-Jan

cash

29000

capital

29000

rent expense

2350

cash

33480

capital

29000

fees earned

14640

accounts payable

800

supplies

1150

Autompbile expense

1520

accounts payable

1450

2-Jan

rent expense

2350

miscellenous expense

890

capital

29000

cash

2350

salaries expense

2000

fees earned

14640

drawings

2600

rent expense

2350

3-Jan

supplies

2250

balance

33480

Automobile expense

1520

accounts payable

2250

total

43640

total

43640

miscelleneous expense

890

supplies expense

1100

4-Jan

accounts payable

800

capital

drawings

2600

cash

800

balance

29000

cash

29000

2000

total

45090

45090

5-Jan

cash

14640

rent expense

fees earned

14640

cash

2350

balance

2350

Amount of total revenue recorded

14640

amount of total expenses recorded

5860

6-Jan

Autompbile expense

1520

supplies

amount of net income

8780

miscellenous expense

890

accounts payable

2250

supplies expense

1100

cash

2410

balance

1150

Inncrease or decrease in owners equity

total

2250

total

2250

capital

29000

7-Jan

salaries expense

2000

add net income

8780

cash

2000

accounts payable

less drawings

2600

cash

800

supplies

2250

owners equity at month end

35180

8-Jan

supplies expense

1100

balance

1450

less beginning balane

29000

supplies

1100

total

2250

total

2250

Inncrease or decrease in owners equity

6180

9-Jan

drawings

2600

fees earned

cash

2600

balance

14640

cash

14640

Automobile expense

cash

1520

balance

1520

miscelleneous expense

cash

890

balance

890

supplies expense

supplies

1100

balance

1100

drawings

cash

2600

balance

2600

salaries expense

cash

2000

balance

2000

journal Entries

T- Accounts

Unadjusted Trial Balance

date

Explanation

debit

credit

cash

explanation

Debit

credit

1-Jan

cash

29000

capital

29000

rent expense

2350

cash

33480

capital

29000

fees earned

14640

accounts payable

800

supplies

1150

Autompbile expense

1520

accounts payable

1450

2-Jan

rent expense

2350

miscellenous expense

890

capital

29000

cash

2350

salaries expense

2000

fees earned

14640

drawings

2600

rent expense

2350

3-Jan

supplies

2250

balance

33480

Automobile expense

1520

accounts payable

2250

total

43640

total

43640

miscelleneous expense

890

supplies expense

1100

4-Jan

accounts payable

800

capital

drawings

2600

cash

800

balance

29000

cash

29000

2000

total

45090

45090

5-Jan

cash

14640

rent expense

fees earned

14640

cash

2350

balance

2350

Amount of total revenue recorded

14640

amount of total expenses recorded

5860

6-Jan

Autompbile expense

1520

supplies

amount of net income

8780

miscellenous expense

890

accounts payable

2250

supplies expense

1100

cash

2410

balance

1150

Inncrease or decrease in owners equity

total

2250

total

2250

capital

29000

7-Jan

salaries expense

2000

add net income

8780

cash

2000

accounts payable

less drawings

2600

cash

800

supplies

2250

owners equity at month end

35180

8-Jan

supplies expense

1100

balance

1450

less beginning balane

29000

supplies

1100

total

2250

total

2250

Inncrease or decrease in owners equity

6180

9-Jan

drawings

2600

fees earned

cash

2600

balance

14640

cash

14640

Automobile expense

cash

1520

balance

1520

miscelleneous expense

cash

890

balance

890

supplies expense

supplies

1100

balance

1100

drawings

cash

2600

balance

2600

salaries expense

cash

2000

balance

2000

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.