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

2. Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $30,000.
4. Paid rent on office and equipment for the month, $5,610.
6. Purchased supplies on account, $1,660.
8. Paid creditor on account, $610.
10. Earned fees, receiving cash, $25,500.
12. Paid automobile expenses (including rental charge) for month, $1,560, and miscellaneous expenses, $1,050.
14. Paid office salaries, $3,260.
16. Determined that the cost of supplies used was $920.
18. Withdrew cash for personal use, $1,500.

Required:

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1. Journalize entries for transactions (a) through (i) (in chronological order), using the following account titles: Cash; Supplies; Accounts Payable; Fahad Ali, Capital; Fahad Ali, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. If an amount box does not require an entry, leave it blank.

a.	Accounts PayableAccounts ReceivableCashFahad Ali, CapitalFahad Ali, Drawing
	Accounts PayableCashFahad Ali, CapitalFahad Ali, DrawingFees Earned
b.	Accounts PayableCashFahad Ali, CapitalFahad Ali, DrawingRent Expense
	Accounts PayableCashFahad Ali, CapitalFahad Ali, DrawingRent Expense
c.	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies
	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies
d.	Accounts PayableAccounts ReceivableCashRent ExpenseSupplies
	Accounts PayableCashRent ExpenseSupplies ExpenseSupplies
e.	Accounts PayableAccounts ReceivableCashUnearned Fees EarnedFees Earned
	Accounts ReceivableAccounts PayableCashUnearned Fees EarnedFees Earned
f.	Accounts PayableAccounts ReceivableAutomobile ExpenseCashFees Earned
	Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies
	Accounts PayableAccounts ReceivableAutomobile ExpenseCashMiscellaneous Expense
g.	Accounts PayableAccounts ReceivableCashSuppliesOffice Salaries Expense
	Accounts PayableAccounts ReceivableCashOffice Salaries ExpenseFees Earned
h.	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies
	Accounts PayableAccounts ReceivableCashSupplies ExpenseSupplies
i.	Accounts PayableAccounts ReceivableCashFahad Ali, CapitalFahad Ali, Drawing
	Accounts PayableAccounts ReceivableCashFahad Ali, CapitalFahad Ali, Drawing

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2. Prepare T accounts, using the account titles in (1). Post the journal entries to these T accounts, selecting the appropriate letter to the left of each amount to identify the transactions. Determine the account balances (when required), after all posting is complete, for all accounts having two or more debits or credits.

Cash
_________	___________________	_________	______________
__________	_______________	___________	______________
		___________	_____________
		___________	_______________
		____________	_________________
Bal.	___________

Supplies
_____	________	__________	__________
Bal.	________

Accounts Payable
_____________	____________	_____________	______________
		Bal.	_________

Fahad Ali, Capital
		____________	________

Fahad Ali, Drawing
_________	________________

Fees Earned
		__________	_________________

Rent Expense_
____________	__________

Office Salaries Expense
___________	_____________

Automobile Expense
___________	________________

Supplies Expense
_____________	__________

Miscellaneous Expense
___________	________________

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3. an unadjusted trial balance as of January 31, 20Y5. If an amount box does not require an entry, leave it blank.

	Debit Balances	Credit Balances
Accounts PayableCashFees EarnedFahad Ali, CapitalNotes Payable	- Select -	- Select -
Accounts PayableFahad Ali, CapitalFees EarnedNotes PayableSupplies	- Select -	- Select -
Accounts PayableAutomobile ExpenseRent ExpenseSuppliesSupplies Expense	- Select -	- Select -
CashFahad Ali, CapitalFahad Ali, DrawingSupplies ExpenseSupplies	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalFahad Ali, DrawingNotes Payable	- Select -	- Select -
CashFees EarnedFahad Ali, DrawingMiscellaneous ExpenseOffice Salaries Expense	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalNotes PayableRent Expense	- Select -	- Select -
Accounts PayableFahad Ali, CapitalFees EarnedNotes PayableOffice Salaries Expense	- Select -	- Select -
Accounts PayableAutomobile ExpenseFees EarnedFahad Ali, CapitalNotes Payable	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalNotes PayableSupplies Expense	- Select -	- Select -
Accounts PayableFees EarnedFahad Ali, CapitalMiscellaneous ExpenseNotes Payable	- Select -	- Select -
	fill in the blank 38078bfa606e030_34	fill in the blank 38078bfa606e030_35

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4. As a result of the January transactions (a-i), 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 total increase or decrease in owner's equity for January.