On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $20,000. Paid rent on office and equipment for the month, $3,700. Purchased supplies on account, $1,090. Paid creditor on account, $400. Earned fees, receiving cash, $16,800. Paid automobile expenses (including rental charge) for month, $1,020, and miscellaneous expenses, $690. Paid office salaries, $2,150. Determined that the cost of supplies used was $600. Withdrew cash for personal use, $990. 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 amount to identify the transactions. Determine the account balances (when required), after all posting is complete, for all accounts having two or more debits or credits. 3.  Prepare an unadjusted trial balance as of January 31, 2019. For those boxes in which no entry is required, leave the box blank. 4.  As a result of the January transactions (a-i), determine the following: a.  Amount of total revenue recorded in the ledger. $fill in the blank f68ea0084fef030_1 b.  Amount of total expenses recorded in the ledger. $fill in the blank f68ea0084fef030_2 c.  Amount of net income for January. $fill in the blank f68ea0084fef030_3 5.  Determine the total increase or decrease in owner's equity for January. $fill in the blank f68ea0084fef030_4

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:

  1. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $20,000.
  2. Paid rent on office and equipment for the month, $3,700.
  3. Purchased supplies on account, $1,090.
  4. Paid creditor on account, $400.
  5. Earned fees, receiving cash, $16,800.
  6. Paid automobile expenses (including rental charge) for month, $1,020, and miscellaneous expenses, $690.
  7. Paid office salaries, $2,150.
  8. Determined that the cost of supplies used was $600.
  9. Withdrew cash for personal use, $990.

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 amount to identify the transactions. Determine the account balances (when required), after all posting is complete, for all accounts having two or more debits or credits.

3.  Prepare an unadjusted trial balance as of January 31, 2019. For those boxes in which no entry is required, leave the box blank.

  1. 4.  As a result of the January transactions (a-i), determine the following:

    a.  Amount of total revenue recorded in the ledger.
    $fill in the blank f68ea0084fef030_1

    b.  Amount of total expenses recorded in the ledger.
    $fill in the blank f68ea0084fef030_2

    c.  Amount of net income for January.
    $fill in the blank f68ea0084fef030_3

    5.  Determine the total increase or decrease in owner's equity for January.
    $fill in the blank f68ea0084fef030_4   

     
     
     
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education