1.) Journal Entries
Transaction | Account Title and Explanation | Debit $ | Credit $ |
a. | Cash | 40,000 | |
Sharon Mathew's Capital | 40,000 | ||
(To record capital introduced) | |||
b. | Rent expense | 6,000 | |
Cash | 6,000 | ||
(To record rent paid) | |||
c. | Supplies | 3,200 | |
Accounts payable | 3,200 | ||
(To record supplies purchased on account) | |||
d. | Accounts payable | 1,750 | |
Cash | 1,750 | ||
(To record payment to creditor) | |||
e. | Cash | 18,250 | |
Fees earned | 18,250 | ||
(To record fees earned) | |||
f. | Automobile expense | 1,880 | |
Miscellaneous expense | 420 | ||
Cash | 2,300 | ||
(To record automobile and miscellaneous expense paid) | |||
g. | Office salaries expense | 5,000 | |
Cash | 5,000 | ||
(To record office salaries paid) | |||
h. | Supplies expense | 1,400 | |
Supplies | 1,400 | ||
(To record supplies expensed) | |||
i. | Sharon Mathews- Drawings | 2,000 | |
Cash | 2,000 | ||
(To record personal drawings) |
2.) Ledger Accounts
CASH | |||
Sharon Mathews- Capita | 20,000 | Rent expense | 6,000 |
Fees earned | 18,250 | Accounts payable | 1,750 |
Automobile expense | 1,880 | ||
Miscellaneous expense | 420 | ||
Office salaries expense | 5,000 | ||
Sharon Mathews- Drawings | 2,000 | ||
Balance | 21,200 | ||
38,250 | 38,250 |
SUPPLIES | |||
Accounts payable | 3,200 | Supplies expense | 1,400 |
Balance | 1,800 | ||
3,200 | 3,200 |
ACCOUNTS PAYABLE | |||
Cash | 1,750 | Supplies | 3,200 |
Balance | 1,450 | ||
3,200 | 3,200 |
SHARON MATHEWS- CAPITAL | |||
Cash | 20,000 |
SHARON MATHEWS- DRAWINGS | |||
Cash | 2,000 |
FEES EARNED | |||
Cash | 18,250 |
RENT EXPENSE | |||
Cash | 6,000 |
OFFICE SALARIES EXPENSE | |||
Cash | 5,000 |
AUTOMOBILE EXPENSE | |||
Cash | 1,880 |
MISCELLANEOUS EXPENSE | |||
Cash | 420 |
SUPPLIES EXPENSE | |||
Supplies | 1,400 |
3.) Unadjusted Trial Balance
Unadjusted Trial Balance For the month ending 31.1.2019 |
||
Particulars | Debit $ | Credit $ |
Cash | 21,200 | |
Supplies | 1,800 | |
Accounts payable | 1,450 | |
Sharon Mathews- Capital | 20,000 | |
Sharon Mathews- Drawings | 2,000 | |
Fees earned | 18,250 | |
Rent expense | 6,000 | |
Office salaries expense | 5,000 | |
Automobile expense | 1,880 | |
Miscellaneous expense | 420 | |
Supplies expense | 1,400 | |
TOTAL | 39,700 | 39,700 |
4.)
Statement of Income For the month ending 31.1.2019 |
|||
(a.) | Fees earned | 18,250 | |
Less: Expenses: | |||
Rent expense | 6,000 | ||
Office salaries expense | 5,000 | ||
Automobile expense | 1,880 | ||
Miscellaneous expense | 420 | ||
Supplies expense | 1,400 | ||
(b.) | Total expense | 14,700 | |
(c.) | Net Income | 3,550 |
5.)
Statement of Owner's Equity For the month ending 31.1.2019 |
|
Sharon Mathews- Capital | 20,000 |
Add: Net Income | 3,550 |
23,550 | |
Less: Sharon Mathews- Drawings | (2,000) |
Increase or (Decrease) in Owner's Equity | 21,550 |
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