On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $30,500. 2 Paid rent on office and equipment for the month, $2,650. 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $900. 5 Earned fees, receiving cash, $14,660. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $570. 7 Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,150. 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 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. 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 line should be left blank. 3. Prepare an unadjusted trial balance as of January 31, 20Y5. 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 owners equity for January. CHART OF ACCOUNTS Mountain Top Realty General Ledger ASSETS 11 Cash 12 Supplies LIABILITIES 21 Accounts Payable EQUITY 31 Fahad Ali, Capital 32 Fahad Ali, Drawing REVENUE 41 Fees Earned EXPENSES 51 Rent Expense 52 Office Salaries Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense 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. 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 line should be left blank. Cash Jan. 1 Correct 30,500.00 Jan. 2 Correct 2,650.00 Jan. 5 Correct 14,660.00 Jan. 4 Correct 900.00 Jan. 6 Correct 2,150.00 Jan. 7 Correct 2,000.00 Jan. 9 Correct 2,600.00 Bal. 33,480.00 Supplies Jan. 3 Correct 2,200.00 Jan. 8 Correct 1,150.00 Bal. 1,150.00 1,150.00 Accounts Payable Jan. 4 Correct 900.00 Jan. 3 Correct 2,200.00 Bal. 1,450.00 1,450.00 Fahad Ali, Capital Jan. 1 Correct 30,500.00 Fahad Ali, Drawing Jan. 9 Correct 2,600.00 Fees Earned Jan. 5 Correct 14,660.00 Rent Expense Jan. 2 Correct 2,650.00 Office Salaries Expense Jan. 7 Correct 2,000.00 Automobile Expense Jan. 6 Correct 1,580.00 Supplies Expense Jan. 8 Correct 1,150.00 Miscellaneous Expense Jan. 6 Correct 570.00 Points: 35.41 / 41 Check My Work 2. Each increase or decrease recorded in the journal entries corresponds to a debit or credit in the T-accounts, following the rules of debit and credit. Net debits against credits to determine the balance in each T-account and double-check to see if it is a normal balance for that account classification