On January 1, 2045, Fahad All established Mountain Top Realty, which completed the folowing transactions during the month: Jan. 1 2 3 4 5 Fahad Al transferred cash from a personal bank account to an account to be used for the business, $31,000 Paldront on office and equipment for the month, $2,850 Purchased supplies on account, $2,350. Pald creditor on account, $850. Eamed foes, receiving cash, $14,920. Pald automobile expensos (including rental charge) for month, S1,840, and miscelaneous expenses, $770 Pald office salaries, $3,200. Determined that the cost of supples used was $1,500. Withdrew cash for personal uso, $2,800. 6 7 8 9 Required: 1. Journakze entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW foumats do not use ones for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW formals will automatically indent a credit entry when a credit amount is entered. 2. Post the journal entries to the accounts, selecting the appropriate date to the left of each amount to losentity the transactions. Determine the account balances affer al posting is complete. Accounts containing only a single entry do not need a balance. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance ine should be left Required: 1. Journize ontries for transactions Jan.1 through 9. Rotor to the chart of accounts for the exact wording of tho account bitos. CNOW foumals do not uso Anos for journal explanations. Every dro on a journal pago is used for dobil or crodil entries. CNOW journals will automatically indent a credit entry when a credit amount is entored. 2 Post the journal entries to the Inccounts, selecting the appropriate data to the left of each amount to identity the transactions. Dotermine the account balancos after all posting is completo, Accounts containing only a single entry do not need a balance. Dotormine the correct ording balanco. The ording balance subal is provided on the soft side of the account oven when the ending balance is a credit. The used call on the balance Nno should do loft blank 3. Prepare an increasted frin balance as of Jawway 31, 2045. 4. Determine the following: a. Amount of total revenue recorded in the lado D. Amount of total expenses recorded in the lodges. c. Amount of net income for January 5. Determine the increase or decrease in owner's equity for January T Accounts 2. Post the journal entries to the accounts, selecting the appropriate date to the lot of each amount to identity the bransactions Delorme the account balances atter all posts complete. Accounts containing only a single entry do not need a balance. Determine the correct ending balance. The ending balance label la provided on the left side of the Taccount even when the ending balance sa crest. The unused call on the balance te should be left blank Cash Bar Supplies Accounts Payable Accounts Payable Bal Fahad All, Capital Fahad All, Drawing Fees Earned Rent Expense Office Salaries Expense Automobile Expense Supplies Expense
