Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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, $1,590, and miscellaneous expenses, $1070. 9. Paid office salaries, $3,330 h. Determined that the cost of supplies used was $940. 1. Withdrew cash for personal use, $1,540. Required: 1. Journalize entries for transactions (a) through (1) (in chronological order), using the following account titles: Cash; Supplies: Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Eamed; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. For a compound transaction, if an amount box does not require an entry, leave it blank

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

Financial & Managerial Accounting For Undergraduates

Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews

2nd Edition

161853310X, 9781618533104

More Books

Students also viewed these Accounting questions