Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2019, Sharon Matthews established TH-City Realty, which completed the following transactions during the month: Jan. 1 2 3 4 5 Sharon Matthews

image text in transcribed
image text in transcribed
On January 1, 2019, Sharon Matthews established TH-City Realty, which completed the following transactions during the month: Jan. 1 2 3 4 5 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $31,500 Paid rent on office and equipment for the month, $2,750. Purchased supplies on account, $2,350. Paid creditor on account, $800. Earned fees, receiving cash, $16,160. Paid automobile expenses (including rental charge) for month, $1,640, and miscellaneous expenses, $450 Paid office salaries, $2,400 Determined that the cost of supplies used was $1,150. Withdrew cash for personal use, $2,000. 6 7 8 9 1. Journaize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the accounts, selecting the appropriate date to the left of each amount to identity the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unedusted trial balance as of January 31, 2019. 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

Marketing Theory And Practice

Authors: Michael J. Baker

1st Edition

1349068555, 9781349068531

More Books

Students also viewed these Accounting questions

Question

7. Compute an expression for P max t1st2 B(s) > x

Answered: 1 week ago