Question

question 4 & 5

k Show Me How Calculator Instructions Chart of Accounts Journal T Accounts V E nstructions Jan. 1 2 3 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000 Paid rent on office and equipment for the month, $6,000. Purchased supplies on account, $3,200. Paid creditor on account, $1,750. Earned fees, receiving cash, $18,250. Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses, 4 5 6 $420. 7 B Paid office salaries, $5,000. Determined that the cost of supplies used was $1,400. Withdrew cash for personal use, $2,000. 9

Answer 1

4
(a)	Total Revenue
	Fees Earned	$18,250
(b)	Total Expense
	Rent Exp.	$6,000
	Office Salaries Exp.	$5,000
	Automobile Exp.	$1,880
	Supplies Exp.	$1,400
	Miscellaneous Exp.	$420
		$14,700
(c)	Net Income
	Total Revenue	$18,250
	Total Expense	$14,700
		$3,550
5
	Changes in Owner's Equity
	Capital Contribution During January	$40,000
	Net Income	$3,550
Less:	Sharron Matthews, Drawings	$2,000
	Increase	$41,550

Complete Solution:

1
01-Jan	Cash	$40,000
	Sharron Matthews, Capital		$40,000
02-Jan	Rent Expense	$6,000
	Cash		$6,000
03-Jan	Supplies	$3,200
	Accounts Payables		$3,200
04-Jan	Accounts Payables	$1,750
	Cash		$1,750
05-Jan	Cash	$18,250
	Fees Earned		$18,250
06-Jan	Automobile Expense	$1,880
	Miscellaneous Expense	$420
	Cash		$2,300
07-Jan	Office Salaries Expense	$5,000
	Cash		$5,000
08-Jan	Supplies Expense	$1,400
	Supplies		$1,400
09-Jan	Sharron Matthews, Drawings	$2,000
	Cash		$2,000

2
CASH
01-Jan	$40,000	02-Jan	$6,000
05-Jan	$18,250	04-Jan	$1,750
		06-Jan	$2,300
		07-Jan	$5,000
		09-Jan	$2,000
Bal.	$41,200
Supplies
03-Jan	$3,200	08-Jan	$1,400
Bal.	$1,800
A/C Payables
04-Jan	$1,750	03-Jan	$3,200
		Bal.	$1,450
Sharron Matthews, Capital
		01-Jan	$40,000
Sharron Matthews, Drawings
09-Jan	$2,000
Fees Earned
		05-Jan	$18,250
Rent Expense
02-Jan	$6,000
Office Salaries Exp.
07-Jan	$5,000
Automobile Exp.
06-Jan	$1,880
Supplies Exp.
08-Jan	$1,400
Miscellaneous Exp.
06-Jan	$420
3
	Sharon Matthew Unadjusted Trial Balance January 31
		Debit Balances	Credit Balances
	Assets
	Cash	$41,200
	Supplies	$1,800
	Liabilities
	Accounts Payables		$1,450
	Shareholders' Equity
	Sharron Matthews, Capital		$40,000
	Sharron Matthews, Drawings	$2,000
	Revenues
	Fees Earned		$18,250
	Expenses
	Rent Exp.	$6,000
	Office Salaries Exp.	$5,000
	Automobile Exp.	$1,880
	Supplies Exp.	$1,400
	Miscellaneous Exp.	$420
	TOTALS	$59,700	$59,700
4
(a)	Total Revenue
	Fees Earned Add a comment Know the answer? Add Answer to: question 4 & 5 k Show Me How Calculator Instructions Chart of Accounts Journal T Accounts... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions question 3 only can u fill out in this format thank you Show Me HOW Calculator... question 3 only can u fill out in this format thank you Show Me HOW Calculator Instructions Chart of Accounts Journal T Accounts nstructions Jan. 1 2 3 4 5 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000. Paid rent on office and equipment for the month, $6,000. Purchased supplies on account, $3,200. Paid creditor on account, $1,750. 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