eBook 34 Show Me How She Calculator Journal Entries and Trial Balance On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $20,000. b. Paid rent on office and equipment for the month $3,740. . Purchased supplies on account, $1,110. d. Paid creditor on account, $410. e. Eamed fees, receiving cash, $17,000. f. Paid automobile expenses (including rental charge) for month, $1,040, and miscellaneous expenses, $700. 9. Paid office salaries, $2,180. h. Determined that the cost of supplies used was $610. i. Withdrew cash for personal use, $1,000. Required: 1. Joumalize entries for transactions (a) through () (in chronological order), using the following account titles: Cash; Supplies: Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expenser Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. For a compound transaction, if an amount box does not require an entry, leave it blank. a 20,000 Cash Sharon Matthews Capital 20.000 Rent Expense v 3,740 Cash 3,740 Supplies 1,110V eBook *Show Me How Calculator CASI 3,740 Supplies 1,110 Accounts Payable 1,110 d Accounts Payable Cash 410 Cash 17.000 1.00] Yooy Fees Earned 17.000 1.040 V 3,740 Automobile Expense Miscellaneous Expense 700 180 Cash 1.740 X 11740 180 g Office Salaries Expense Cash Supplies Expense Supplies Sharon Matthews Drawing 000 Next Check My Work eBook ** Show Me How Calculator 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 to identify the transactions. Determine the account balances (when required), after all posting is complete, for all accounts having two or more debit credits. Cash 20,000 3,740 17,000 410 410 700 2,180 Bal. Supplies 610 x Accounts Payable Check My Work eBook Show Me How Calculator 3. Prepare an unadjusted trial balance as of January 31, 2019. For those boxes in which no entry is required, leave the box blank. Tri-City Realty Unadjusted Trial Balance January 31, 2019 Debit Credit Balances Balances Cash Supplies Accounts Payable Sharon Matthews, Capital Sharon Matthews. Drawing Fees Eamed v Rent Expense v Office Salaries Expense Autonaobile Expenser Supplies Expense Miscellaneous Expensely Next EASSY en la Essignmenuviam.Qorinvoker=&takeAssignmentSessionLocator=&inprogress=false eBook 34 Show Me How Calculator 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 owners equity for January Increase Check my were 4. Look at the ending balance for each revenue and expense account Add all expense account amounts together to obtain a tota Revenue - Expenses - Net Income (Loss), 5. Compare the ending balance of the owner's equity to the beginning balance of owner's equity. Recall that owner's equity increa and decreases with expenses and withdrawals. Put another way, net income (loss) is the net change in all assets and liabilities fro Crevenue and expense) transactions that increases or decreases owner's equity
