![wdgyvwyv8729](/avatars/30225.jpg)
wdgyvwyv8729
27.04.2021 •
Business
On January 1, 20Y5, Fahad Ali 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, $53,000.
2 Paid rent on office and equipment for the month, $7,950.
3 Purchased supplies on account, $4,240.
4 Paid creditor on account, $2,320.
5 Earned fees, receiving cash, $24,180.
6 Paid automobile expenses (including rental charge) for month, $2,490, and miscellaneous expenses, $560.
7 Paid office salaries, $6,630.
8 Determined that the cost of supplies used was $1,860.
9 Withdrew cash for personal use, $2,600.
Required:
1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. 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 automatically indent a credit entry when a credit amount is entered.
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. 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 trial balance as of January 31, 20Y5.
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.
Solved
Show answers
More tips
- F Food and Cooking Discovering the Benefits of Kiwi: From Its Nutritious Properties to Its Unusual Benefits...
- S Style and Beauty Discover the Art of Nail Design: How Do You Paint Your Nails?...
- P Philosophy How to Develop Extrasensory Abilities?...
- O Other Everything You Need to Know About Kudyabliks...
- C Computers and Internet The Twitter Phenomenon: What it is and How to Use it...
- C Computers and Internet How to Choose a Laptop: Expert Guide and Tips...
- C Computers and Internet How to Choose a Monitor?...
- H Horoscopes, Magic, Divination Where Did Tarot Cards Come From?...
- S Style and Beauty How to Make Your Lips Fuller? Ideas and Tips for Beautiful Lips...
- C Computers and Internet How to Learn to Type Fast?...
Answers on questions: Business
- B Business On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $203,433.00 with an accumulated depreciation of $183,089.70. Depreciation...
- B Business A 12.75-year maturity zero-coupon bond selling at a yield to maturity of 8% (effective annual yield) has convexity of 150.3 and modified duration of 11.81 years. A 30-year maturity...
- B Business Sue and andrew form sa general partnership. each person receives an equal interest in the newly created partnership. sue contributes $12,000 of cash and land with a fmv of $57,000....
- B Business Sarah, sue, and as inc. formed a partnership on may 1, 20x9 called ssas, lp. now that the partnership is formed, they must determine its appropriate year-end. sarah has a 30% profits...
- B Business Which of the following is not a method for devising an effective omnichannel strategy? multiple choiceallowing returns of merchandise to any channel regardless of channel of purchasehaving...
- B Business Jenna raiter, the president and ceo of automotion auto service centers, has asked several managers and employees to establish a statement to outline the fundamental purposes of their...
- B Business Afederally assisted disaster relief program is trying to streamline its services and provide one-stop shopping for residents with special needs. as part of this effort, program planners...
- B Business Question 1 Choose one answer. Business Advisors or Board of Advisors are best described as: a. Voted in, with voting rights and exists to manage/direct company. b. Asked or approved...
- B Business Choose one answer. A Board of Directors is best described as: a. Voted in, with voting rights and exists to manage/direct company. b. Asked or approved in, with young rights and exists...
- C Chemistry How do movable pulleys increase mechanical force?...
Ответ:
(It's explain)