Part B (5 points each for a possible total of 50 points)

Record the following selected transactions for January in a two-column journal, identifying each entry by

letter:

(a) Earned $7,000 fees; customer will pay later.

(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit

(c) Paid $3,000 for rent for January.

(d) Purchased $2,500 of supplies on account.

(e) A. Allen $1,000 investment in the company.

(f) Received $7,000 in cash for fees earned previously.

(g) Paid $1,200 to creditors on account.

(h) Paid wages of $6,250.

(i) Received $7,150 from customers on account.

(j) A. Allen withdrawal of $1,750

Answer the following questions. a. What was the total amount of withdrawals for the year? b. What was the net income? c. What was the total revenue? d. What were the total expenses?