Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cah from

image text in transcribed
image text in transcribed
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cah from a personal bank account to an account to be used for the business, $31,500. 2 Paid rent on office and equipment for the month, $2,750. 3 Purchased supplies on account, \$2,350. 4 Paid creditor on account, $800. 5 Earned fees, receiving cash, \$16,160. 6 Paid automobile expenses (including rental charge) for month, $1,640, and miscellaneous expenses, $450. 7 Paid office salaries, $2,400. 8 Determined that the cost of supplies used was $1,150. 9 Withdrew cash for personal use, $2,000. 1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNow journais do not use lines for journal explanations. Every hine 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 I 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 unadiusted trial balance as of January 31, 20 Y5. 4. Determine the following: a. Amount of total cevenue recorded in the ledget. b. Amount of total expenses recorded in the ledger. c. Amount of net income for January. 5. Determine the increase or docrease 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

Financial Accounting For Decision Makers

Authors: Dr Peter Atrill, Eddie Mclaney, Sin Autor

5th Edition

1405888210, 9781405888219

More Books

Students also viewed these Accounting questions