Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help with a accounting problem for school? Try to solve quickly, thank you. Instructions: Chart of Accounts Journal T Accounts Unadjusted trial balaence

Can someone help with a accounting problem for school? Try to solve quickly, thank you.

Instructions:

image text in transcribedChart of Accounts

image text in transcribed

Journal

image text in transcribedimage text in transcribed

T Accounts

image text in transcribed

image text in transcribedimage text in transcribedUnadjusted trial balaence

image text in transcribedimage text in transcribedFinal.

image text in transcribed

Instructions On January 1, 2045, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $31,500. 2 Paid rent on office and equipment for the month, $2,750. 3 Purchased supplies on account, $2,350. 4 Paid creditor on account, $800. 5 Earned fees, receiving cash, $16,160. 6 Paid automobile expenses (including rental charge) for month, $1,640, and miscellaneous expenses, $450. 7 Paid office salaries, $2,400. 00 Determined that the cost of supplies used was $1,150. 9 Withdrew cash for personal use, $2,000. Chart of Accounts CHART OF ACCOUNTS Mountain Top Realty General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Supplies EXPENSES LIABILITIES 51 Rent Expense 21 Accounts Payable 52 Office Salaries Expense 53 Automobile Expense EQUITY 54 Supplies Expense 31 Fahad Ali, Capital 55 Miscellaneous Expense 32 Fahad Ali, Drawing Journal 1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 31 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 T Accounts 2. Post the journal entries to the T accounts, selecting the appropriate date 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. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. Cash Jan, 1 Bal. Supplies Bal. T Accounts Accounts Payable Bal. Fahad Ali, Capital Fahad Ali, Drawing Fees Earned Rent Expense Office Salaries Expense Automobile Expense Supplies Expense Miscellaneous Expense Unadjusted Trial Balance 3. Prepare an unadjusted trial balance as of January 31, 2015. Mountain Top Realty UNADJUSTED TRIAL BALANCE January 31, 2015 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Supplies 3 Accounts Payable 4 Fahad Ali, Capital 5 Fahad Ali, Drawing 6 Fees Earned 7 Rent Expense 8 Office Salaries Expense 9 Automobile Expense 10 Supplies Expense 11 Miscellaneous Expense 12 Totals Final Questions 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, for January. $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Leading The Digital Workforce Internal Audit And IT Audit

Authors: Jeffrey W. Brown

1st Edition

1032323736, 978-1032323732

More Books

Students also viewed these Accounting questions

Question

Explain the importance of nonverbal messages.

Answered: 1 week ago

Question

Describe the advantages of effective listening.

Answered: 1 week ago

Question

Prepare an employment application.

Answered: 1 week ago