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Journal Entries and Trial Balance On January 1, 2015, Fahad All established Mountain Top Realty, which completed the following transactions during the month: a.
Journal Entries and Trial Balance On January 1, 2015, Fahad All established Mountain Top Realty, which completed the following transactions during the month: a. Fahad All transferred cash from a personal bank account to an account to be used for the business, $29,000. b. Paid rent on office and equipment for the month, $5,420. c. Purchased supplies on account, $1,600. d. Paid creditor on account, $590. e. Earned fees, receiving cash, $24,650. f. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $1,010. g. Paid office salaries, $3,160. h. Determined that the cost of supplies used was $890. 1. Withdrew cash for personal use, $1,450. Required: 1. Journalize entries for transactions (a) through () (in chronological order), using the following account titles: Cash; Supplies; Accounts Payable; Fahad All, Capital; Fahad All, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. If an amount box does not require an entry, leave it blank. 29,000 Fahad Alix Capital 29,000 b. Bent Expense 5420 5,420 eSupplies 1,000 Accounts Payable 1,000 3. Prepare an unadjusted trial balance as of January 31, 20Y5. If an amount box does not require an entry, leave it blank. Mountain Top Realty Unadjusted Trial Balance January 31, 20YS Cash Accounts Payable Supplies Fahad All, Capital Accounts Payable Fahad Ali, Drawing Notes Payable Fahad Ali, Capital Fees Earned Accounts Payable Notes Payable Debit Credit Balances Balances 4. As a result of the January transactions (a-i), 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 total increase or decrease in owner's equity for January. Increase
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