Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

On January 1, 20Y5, Fahad All 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, $30,000 Paid rent on office and equipment for the month, $2,450 3 Purchased supplies on account, $2,200 4 Paid creditor on account, $850. 5 Earned fees, receiving cash, $14,940. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $470. 7 Paid office salaries, $2,000 8 Determined that the cost of supplies used was $1,100 Withdrew cash for personal use, $3,200 Required: 1. Journalize entries for transactions Jan, 1 through 9. Refer to the chart of accounts for the exact wording of the account tides. CNO do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will autor Determined that the cost of supplies used was $1,100 9 Withdrew cash for personal use, $3,200 Required: 1. Joumalize entries for transactions Jan 1 through 9. Refer to the chart of accounts for the exact wording of the account tides. 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 automasically indent a credit entry when a credit amount is entered 2. Post the journal entries to the Laccounts, selecting the appropriate date to the left of each amount to identity 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 mal balance as of January 31, 20YS 4. Determine the following a Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger Amount of net income for January 5. Determine the increase or decrease 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

Powerpoint Notes For Use With Managerial Accounting

Authors: Ronald W Hilton

6th Edition

0072866268, 978-0072866261

More Books

Students also viewed these Accounting questions

Question

=+ Have they changed the way employers view IP?

Answered: 1 week ago