On January 1, 20Y5, Fahad Al established Mountain Top Fealy, which completed the following transactions during the month: Jan. 1 Fahad All transterred cash from a personal bank account to an account to be used for the business, $53,000 2 Paid rent on office and equpment tor the month, $7,950 3. Purchased supples on account, $4,240. 4 Paid creditor on aocount $2,320 5 Eamed fees, receiving cash, $24,180. 6 Paid automobile expenses (including rentai charge) for month, $2,490, and miscelaneous expenses, $560. 7 Ped office salanes, 56.030 8 Dotermined that the cost of supplies used was $1,860. 9 Withdrew cash for personal use, $2,600. Required: 1. Jaumalze entries for transactions Jan. t through 9 . Aefer to the chart of accounts for the exact wording of the account sides CvOW joumats do not use ines for joumal explanations. Every ine on a joumal page is used for debit or credit entries. CNOW joumals will automatically indent a crodit entry when a crodit amount is entered. 2. Post the joumal entries to the I accounts, selecting the appropriafe dafe to the leff of each amount to identify the transactions. Dotermine the acoount balances affer al posting is complote. Acoounts containing only a single entry do not need a balance. Dotermine ithe correct ending batance. The ending balance label is provided on the beft side of the T account even when the ending balance is a crede. The unused colf on the balance ane should be left blank. 3. Prepare an unadusted trial balance as of danuary 31, aors. 4. Dotermine the following a. Amount of lotal corenve roorded in the leopec D. Amount of fotar evenses recorded in me iedger: c. Anount of net income for January 6. Dotermine the herease or decrease in gawners equity for January CHART OF ACCOUNTS Mountain Top Realty General Ledger ASSETS 11 Cash 12 Supplies REVENUE 41 Fees Earned EXPENSES 51 Rent Expense 52 Office Salaries Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense 32 Fahad Ali, Drawing Every ine on a joumal page is used for debl or credif entries. CWOW joumais wil automatically indent a credi entry when a credit amount is eritend All transactions on this page must be entered (except for post cef(s)) before yau will receive Check My Work feedbock. 2. Past the joumal entres to the Laccosints, selecting the appropriate date to the iefl of each amount to identiy the transactions. Deterthine the account balances after all portiog is carnplote, Accounts containing only a single entry do not need a batance. Determine the correct ending balance. The ending balance taber is provided on the lett side of the T account even When the ending balance is a credit. The unusod coll on the balance tre should be lof blank: Accounts Payable Fahad Ali, Capital Bal. Fahad Ali, Drawing Fees Earned Rent Expense Office Salaries Expense T Accounts Office Salaries Expense Automobile Expense Supplies Expense Miscellaneous Expense 3. Prepare an unadjusted trial balance as of January 31,20 Y5. 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
