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

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Accounting

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

Jan.1Sharon Matthews transferred cash from a personal bank accountto an account to be used for the business, $31,500.
2Paid rent on office and equipment for the month, $2,750.
3Purchased supplies on account, $2,350.
4Paid creditor on account, $800.
5Earned fees, receiving cash, $16,160.
6Paid automobile expenses (including rental charge) for month,$1,640, and miscellaneous expenses, $450.
7Paid office salaries, $2,400.
8Determined that the cost of supplies used was $1,150.
9Withdrew cash for personal use, $2,000.

Required:

1.Journalize entries for transactions Jan. 1 through 9. Refer tothe Chart of Accounts for exact wording of account titles.
2.Post the journal entries to the T accounts, selecting theappropriate date to the left of each amount to identify thetransactions. Determine the account balances, after all posting iscomplete. Accounts containing only a single entry do not need abalance.
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 forJanuary.

Answer & Explanation Solved by verified expert
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Solution 1 Journal Entries Tri City Reality Date Particulars Debit Credit 1Jan Cash Dr 3150000 To Owners capital 3150000 To record cash invested in business 2Jan Rent Expense Dr 275000 To Cash 275000 To record payment of rent 3Jan Supplies Dr 235000 To Accounts payable 235000 To record purchase of supplies on account 4Jan Accounts payable Dr 80000 To Cash 80000 To record payment to creditors 5Jan Cash Dr 1616000 To Fees earned 1616000 To    See Answer
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In: AccountingOn 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.1Sharon Matthews transferred cash from a personal bank accountto an account to be used for the business, $31,500.2Paid rent on office and equipment for the month, $2,750.3Purchased supplies on account, $2,350.4Paid creditor on account, $800.5Earned fees, receiving cash, $16,160.6Paid automobile expenses (including rental charge) for month,$1,640, and miscellaneous expenses, $450.7Paid office salaries, $2,400.8Determined that the cost of supplies used was $1,150.9Withdrew cash for personal use, $2,000.Required:1.Journalize entries for transactions Jan. 1 through 9. Refer tothe Chart of Accounts for exact wording of account titles.2.Post the journal entries to the T accounts, selecting theappropriate date to the left of each amount to identify thetransactions. Determine the account balances, after all posting iscomplete. Accounts containing only a single entry do not need abalance.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 forJanuary.

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