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.
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.
3. Prepare an unadjusted
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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