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On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:
Jan. | 1 | Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $29,000. |
2 | Paid rent on office and equipment for the month, $2,350. | |
3 | Purchased supplies on account, $2,250. | |
4 | Paid creditor on account, $800. | |
5 | Earned fees, receiving cash, $14,640. | |
6 | Paid automobile expenses (including rental charge) for month, $1,520, and miscellaneous expenses, $890. | |
7 | Paid office salaries, $2,000. | |
8 | Determined that the cost of supplies used was $1,100. | |
9 | Withdrew cash for personal use, $2,600. |
Required:
1. | Journalize 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 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. | ||||||
3. | Prepare an unadjusted trial balance as of January 31, 2019. | ||||||
4. | Determine the following:
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5. | Determine the increase or decrease in owners equity for January. |
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