Ch 2-3 Exercises & ProblemseBookShow Me HowCalculatorPrint ItemJournal entries and trial balanceInstructionsChart of AccountsJournalT AccountsUnadjusted Trial BalanceInstructionsOn January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:Jan. Sharon Matthews transferred cash from a personal bank account to an account to be used for thebusiness, $31,000.2 Paid rent on office and equipment for the month, $3,050.3 Purchased supplies on account, $2,250.4 Paid creditor on account, $850.5 Earned fees, receiving cash, $14,6606 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses,$670.7 Paid office salaries, $2,6008 Determined that the cost of supplies used was $1,050.
The end part of the question wouldn't fit in one snip picture so I have copied and pasted the text from the question. I am so lost on this question on how to break it down piece by piece. My numbers aren't adding up correctly at all, I have been trying over and over again for almost 40 minutes and keep going in circles.
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:
Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $31,000.
2 Paid rent on office and equipment for the month, $3,050.
3 Purchased supplies on account, $2,250.
4 Paid creditor on account, $850.
5 Earned fees, receiving cash, $14,660.
6 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $670.
7 Paid office salaries, $2,600.
8 Determined that the cost of supplies used was $1,050.
9 Withdrew cash for personal use, $2,200.
Required:
1. Journalize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles.
2. Post the journal entries to the T 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.
3. Prepare an unadjusted trial balance as of January 31, 2019.
4. 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 increase or decrease in owner’s equity for January.
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Ch 2-3 Exercises & Problems eBook Show Me How Calculator Print Item Journal entries and trial balance Instructions Chart of Accounts JournalT Accounts Unadjusted Trial Balance Instructions On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $31,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $850. 5 Earned fees, receiving cash, $14,660 6 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $670. 7 Paid office salaries, $2,600 8 Determined that the cost of supplies used was $1,050.
(1) Preparation of the journal entries for the chart of accounts mention in the books. We have,
Step2: Posting the journal entries to the T accounts. We have,
Step3: Preparation of the unadjusted trial ba...
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