1. Preparing Journal Entries for the month of January.
Tri - City Realty
General Journal
For the Month of January 31,2019
Date | Accounts Title | Debit | Credit |
---|---|---|---|
January 1 | Cash | $40,0000 | |
Sharon Mathew, Capital | $40,000 | ||
January 2 | Rent Expense | $6,000 | |
Cash | $6,000 | ||
January 3 | Supplies | $3,200 | |
Accounts Payable | $3,200 | ||
January 4 | Accounts Payable | $1,750 | |
Cash | $1,750 | ||
January 5 | Cash | $18,250 | |
Fees Earned | $18,250 | ||
January 6 | Automobile Expense | $1,880 | |
Miscellaneous Expense | $420 | ||
Cash | $2,300 | ||
January 7 | Office Salaries Expense | $5,000 | |
Cash | $5,000 | ||
January 8 | Supplies Expense | $1,400 | |
Supplies | $1,400 | ||
January 9 | Sharon Mathews, Drawing | $2,000 | |
Cash | $2,000 | ||
2. Posting To General Ledger:-
Cash
Accounts | Amount | Accounts | Amount |
---|---|---|---|
Sharon Mathews, Capital | $40,000 | 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, Drawing | 2,000 | ||
Balance | $41,200 | ||
Total | $58,250 | Total | $58,250 |
Closing Balance | $41,200 |
Supplies
Accounts Payable | $3,200 | Supplies Expense | $1,400 |
Balance | 1,800 | ||
Total | $3,200 | Total | $3,200 |
Closing Balance | $1,800 |
Accounts Payable
Cash | $1,750 | Supplies | $3,200 |
Balance | $1,450 | ||
Total | $3,200 | Total | $3,200 |
Closing Balance | $1,450 |
Sharon Mathews, Capital
Balance | $40,000 | Cash | $40,000 |
Total | $40,000 | Total | $40,000 |
Closing Balance | $40,000 |
Sharon Mathews, Drawing
Cash | $2,000 | Balance | $2,000 |
Total | $2,000 | Total | $2,000 |
Closing Balance | $2,000 |
Fees Earned
Balance | $18,250 | Cash | $18,250 |
Total | $18,250 | Total | $18,250 |
Closing Balance | $18,250 |
Rent Expense
Cash | $6,000 | Balance | $6,000 |
Total | $6,000 | Total | $6,000 |
Closing Balance | $6,000 |
Office Salaries Expense
Cash | $5,000 | Balance | $5,000 |
Total | $5,000 | Total | $5,000 |
Closing Balance | $5,000 |
Automobile Expense
Cash | $1,880 | Balance | $1,880 |
Total | $1,880 | Total | $1,880 |
Closing Balance | $1,880 |
Supplies Expense
Supplies | $1,400 | Balance | $1,400 |
Total | $1,400 | Total | $1,400 |
Closing Balance | $1,400 |
Miscellaneous Expense
Cash | $420 | Balance | $420 |
Total | $420 | Total | $420 |
Closing Balance | $420 |
3. Tri - City Realty
Unadjusted Trial Balance
January 31,2019
No. | Accounts | Debit | Credit |
---|---|---|---|
11 | Cash | $41,200 | |
12 | Supplies | 1,800 | |
21 | Accounts Payable | $1,450 | |
31 | Sharon Mathews, Capital | 40,000 | |
32 | Sharon Mathews, Drawing | 2,000 | |
41 | Fees Earned | 18,250 | |
51 | Rent Expense | 6,000 | |
52 | Office Salaries Expense | 5,000 | |
53 | Automobile Expense | 1,880 | |
54 | Supplies Expense | 1,400 | |
55 | Miscellaneous Expense | 420 | |
Totals | $59,700 | $59,700 | |
4. (a) Amount of Total Revenue recorded in The Ledger $18,250.
(b) Amount of Total Expenses recorded in The Ledger $14,700. ($6,000+5,000+1,880+1,400+420)
(c) Amount for Net Income for January $3,550. (Total Revenue - Total Expenses=($18,250-$14,700))
Tri- City Realty
Income Statement
For the month of January 31,2019
Accounts | Amount | Amount |
---|---|---|
Revenue:- | ||
Fees Earned | $18,250 | |
Expenses:- | ||
Rent Expense | $6,000 | |
Office Salaries Expense | 5,000 | |
Automobile Expense | 1,880 | |
Supplies Expense | 1,400 | |
Miscellaneous Expense | 420 | |
Total Expenses | $(14,700) | |
Net Income | $3,550 | |
5. Tri-City Realty
Statement of Owner's Equity
For the month of January 31,2019
Accounts | Amount |
---|---|
Sharon Mathews, Capital, January 1,2019 | $40,000 |
Less:- Drawing | (2,000) |
$38,000 | |
Add:- Net Income | 3,550 |
Sharon Mathews, Capital, January 31,2019 | $41,550 |
Owner's Equity Increase by $1,550 ($41,550-$40,000) for January.
Journal T Accounts Unadjusted Trial Balance Final Questions On January 1, 2019, Sharon Matthews ostablished Tri-City...
Journal Entries and Trial Balance On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $20,000. Paid rent on office and equipment for the month, $3,740. Purchased supplies on account, $1,110. Paid creditor on account, $410. Earned fees, receiving cash, $17,000. Paid automobile expenses (including rental charge) for month, $1,040, and miscellaneous expenses, $700. Paid...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000. 2 Paid rent on office and equipment for the month, $6,000. 3 Purchased supplies on account, $3,200. 4 Paid creditor on account, $1,750. 5 Earned fees, receiving cash, $18,250. 6 Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses,...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000. 2 Paid rent on office and equipment for the month, $6,000. 3 Purchased supplies on account, $3,200. 4 Paid creditor on account, $1,750. 5 Earned fees, receiving cash, $18,250. 6 Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses,...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $21,000. Paid rent on office and equipment for the month, $3,880. Purchased supplies on account, $1,150. Paid creditor on account, $420. Earned fees, receiving cash, $17,640. Paid automobile expenses (including rental charge) for month, $1,080, and miscellaneous expenses, $720. Paid office salaries, $2,260. Determined that...
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $30,000. 2 Paid rent on office and equipment for the month, $2,450. 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $850. 5 Earned fees, receiving cash, $14,940. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses,...
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, $31,000. b. Paid rent on office and equipment for the month, $5,730. C. Purchased supplies on account, $1,690. d. Paid creditor on account, $620. e. Eamed fees, receiving cash, $26,040. f. Paid automobile expenses (including rental charge) for month,...
Journal Entries and Trail Balance the 25.000 On January 1, 2019, Sharon Matthews established hi-ty Realty, which completed the transactions a. Sharon Matthews transferred cash from a personal bank account to a ccount to be used for the bu s b. Pald rent on office and equipment for the month $4.50 Purchased Succes on account 51.350 d. Pald creditor on account, $500 e. Carned fees, receiving cash, 520,750. L. Paid automobile expenses (including rental charge) for month $1.270, w miscellaneous...
Journal entries and trial balance Instructions Chart of Accounts 1 Journal T Accounts Instructions On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: 1 4 5 6 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $30,500. Paid rent on office and equipment for the month, $2,650. Purchased supplies on account, $2,200. Paid creditor on account, $900. Earned fees, receiving cash, $14,660. Paid...
CHART OF ACCOUNTS Tri-City Realty General Ledger ASSETS 11 Cash 12 Supplies LIABILITIES 21 Accounts Payable EQUITY 31 Sharon Matthews, Capital 32 Sharon Matthews, Drawing REVENUE 41 Fees Earned EXPENSES 51 Rent Expense 52 Office Salaries Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used...
OBJ. 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 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...