Journal Entries and Trial Balance

On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month:

Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $27,000.

Paid rent on office and equipment for the month, $5,110.

Purchased supplies on account, $1,510.

Paid creditor on account, $560.

Earned fees, receiving cash, $23,220.

Paid automobile expenses (including rental charge) for month, $1,420, and miscellaneous expenses, $950.

Paid office salaries, $2,970.

Determined that the cost of supplies used was $840.

Withdrew cash for personal use, $1,370.

Required:

Question Content Area

1. Journalize entries for transactions (a) through (i) (in chronological order), using the following account titles: Cash; Supplies; Accounts Payable; Fahad Ali, Capital; Fahad Ali, 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.

a.	Accounts PayableAccounts ReceivableCashFahad Ali, CapitalFahad Ali, Drawing	- Select -	- Select -
	Accounts PayableCashFahad Ali, CapitalFahad Ali, DrawingFees Earned	- Select -	- Select -
b.	Accounts PayableCashFahad Ali, CapitalFahad Ali, DrawingRent Expense	- Select -	- Select -
	Accounts PayableCashFahad Ali, CapitalFahad Ali, DrawingRent Expense	- Select -	- Select -
c.	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies	- Select -	- Select -
d.	Accounts PayableAccounts ReceivableCashRent ExpenseSupplies	- Select -	- Select -
	Accounts PayableCashRent ExpenseSupplies ExpenseSupplies	- Select -	- Select -
e.	Accounts PayableAccounts ReceivableCashUnearned Fees EarnedFees Earned	- Select -	- Select -
	Accounts ReceivableAccounts PayableCashUnearned Fees EarnedFees Earned	- Select -	- Select -
f.	Accounts PayableAccounts ReceivableAutomobile ExpenseCashFees Earned	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies	- Select -	- Select -
	Accounts PayableAccounts ReceivableAutomobile ExpenseCashMiscellaneous Expense	- Select -	- Select -
g.	Accounts PayableAccounts ReceivableCashSuppliesOffice Salaries Expense	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashOffice Salaries ExpenseFees Earned	- Select -	- Select -
h.	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies	- Select -	- Select -
i.	Accounts PayableAccounts ReceivableCashFahad Ali, CapitalFahad Ali, Drawing	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashFahad Ali, CapitalFahad Ali, Drawing	- Select -	- Select -

Question Content Area

2. Prepare T accounts, using the account titles in (1). Post the journal entries to these T accounts, selecting the appropriate letter to the left of each amount to identify the transactions. Determine the account balances (when required), after all posting is complete, for all accounts having two or more debits or credits.

Cash
a.b.c.d.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_2	a.b.c.e.h.j.k.l.m.n.	fill in the blank facca20e502407d_4
b.c.d.e.f.h.i.j.k.l.n.	fill in the blank facca20e502407d_6	a.c.d.e.h.j.l.m.n.	fill in the blank facca20e502407d_8
		a.c.e.f.h.j.k.m.n.	fill in the blank facca20e502407d_10
		a.c.e.g.h.j.l.m.n.	fill in the blank facca20e502407d_12
		a.c.e.h.i.k.l.n.	fill in the blank facca20e502407d_14
Bal.	fill in the blank facca20e502407d_15

Supplies
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_17	a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_19
Bal.	fill in the blank facca20e502407d_20

Accounts Payable
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_22	a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_24
		Bal.	fill in the blank facca20e502407d_25

Fahad Ali, Capital
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_27

Fahad Ali, Drawing
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_29

Fees Earned
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_31

Rent Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_33

Office Salaries Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_35

Automobile Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_37

Supplies Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_39

Miscellaneous Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank facca20e502407d_41

Question Content Area

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, 20Y5

	Debit Balances	Credit Balances
Accounts PayableCashFees EarnedFahad Ali, CapitalNotes Payable	- Select -	- Select -
Accounts PayableFahad Ali, CapitalFees EarnedNotes PayableSupplies	- Select -	- Select -
Accounts PayableAutomobile ExpenseRent ExpenseSuppliesSupplies Expense	- Select -	- Select -
CashFahad Ali, CapitalFahad Ali, DrawingSupplies ExpenseSupplies	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalFahad Ali, DrawingNotes Payable	- Select -	- Select -
CashFees EarnedFahad Ali, DrawingMiscellaneous ExpenseOffice Salaries Expense	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalNotes PayableRent Expense	- Select -	- Select -
Accounts PayableFahad Ali, CapitalFees EarnedNotes PayableOffice Salaries Expense	- Select -	- Select -
Accounts PayableAutomobile ExpenseFees EarnedFahad Ali, CapitalNotes Payable	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalNotes PayableSupplies Expense	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalMiscellaneous ExpenseNotes Payable	- Select -	- Select -
	fill in the blank 41b9b90ce036018_34	fill in the blank 41b9b90ce036018_35

Question Content Area

4. As a result of the January transactions (a-i), determine the following:

a. Amount of total revenue recorded in the ledger. $fill in the blank ca068a03906f014_1

b. Amount of total expenses recorded in the ledger. $fill in the blank ca068a03906f014_2

c. Amount of net income for January. $fill in the blank ca068a03906f014_3

5. Determine the total increase or decrease in owner's equity for January. $fill in the blank ca068a03906f014_4

IncreaseDecrease

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