Question

UDJ. 1, 2, 3, 4 PR 2-2A Journal entries and trial balance On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $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, receiving cash, $18,250. f. Paid automobile expenses (including rental charge) for month, $1,880, and miscel- laneous 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, Draw- ing: Fees Earned; Rent Expense; 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.
I just need the balance sheet.

I dont understand why my assets dont equal my Liabilities and OE

Answer 1

Answer:

Tri-City Realty
Balance Sheet
January 31,2019
Assets:
Cash		41,200
Supplies		1,800
Total Assets		43,000
Liabilities:
Accounts payable		1,450
Owner's Equity:
Shane Matthews, Capital		41,550
Total liabilities and Owner's equity		43,000

*Total liabilities and Owner's equity = Total liabilities + Owner's equity = 1,450+41,550 = 43,000

Calculations:

i. T-Accounts:

Cash			Shane Matthews, Capital
$40,000	$6,000			$40,000
$18,250	$1,750
	$1,880		Shane Matthews, Withdrawls
	$420		$2,000
	$5,000
	$2,000		Revenue
$41,200				$18,250
Supplies			Rent Expense
$3,200	$1,400		$6,000
$1,800			Automobile expenses
			$1,880
Accounts payable
$1,750	$3,200		Miscellaneous expenses
			$420
	$1,450
			Salaries Expense
			$5,000
			Supplies expense
			$1,400

ii. Income Statement:

Income Statement
Revenues		$18,250
Less: Expenses
Rent Expense	$6,000
Automobile Expense	$1,880
Miscellaneous Expense	$420
Salaries Expense	$5,000
Supplies Expense	$1,400
Total Expenses		$14,700
Net income		$3,550

iii. Statement of Owner's Equity:

Statement of Owner's equity
Shane Matthews, Capital, Beginning	$0
Add: Additional contribution	$40,000
Add: Net income	$3,550
(Less): Shane Matthews, Withdrawals	($2,000)
Shane Matthews, Capital, Ending	$41,550