Q3. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: (a) Sharon Matthews tranıferred cash from a personal bank account to an account to be used for the business, $40,000. (b) Paid rent on office and equipment for the month, $6,000. (c) Purchased supplies on account, $3,200. (d) Paid creditor on account, $1,750. (e) Earned fees, receiving cash, $18,250. () Paid automobile expenses (including rental charge) for month, $1,88o, and miscellaneous expenses, $420. () Paid office salaries, $5,000. (h) Determined that the cost of supplies used was $1,400. () Withdrew cash for personal use, $2,000. Instructions. 1. Journalize entries for transactions (a) through (D, using the following account titles: Cash;

Q3. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: (a) Sharon Matthews tranıferred cash from a personal bank account to an account to be used for the business, $40,000. (b) Paid rent on office and equipment for the month, $6,000. (c) Purchased supplies on account, $3,200. (d) Paid creditor on account, $1,750. (e) Earned fees, receiving cash, $18,250. () Paid automobile expenses (including rental charge) for month, $1,88o, and miscellaneous expenses, $420. () Paid office salaries, $5,000. (h) Determined that the cost of supplies used was $1,400. () Withdrew cash for personal use, $2,000. Instructions. 1. Journalize entries for transactions (a) through (D, using the following account titles: Cash;

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Q3. On Jamuary 1, 2019, Sharon Matthews established Tri-City Realty, which completed the
following transactions during the month:
(a) Sharon Matthews tranıferred cash from a personal bank account to an account to be used for
the business, $40,000.
(b) Paid rent on office and equipment for the month, $6,000.
(c) Purchased supplies on account, $3,200.
(4) Paid creditor on account, $1,750.
(e) Earned fees, receiving cash, $18,250.
() Paid automobile expenses (including rental charge) for month, $1,8so, and miscellaneous
expenses, $420.
( Paid office salaries, $5,000.
(h) Determined that the cost of supplies used was $1,400.
() Withdrew cash for personal use, $2,000.
Instructions:
1. Journalize entries for transactions (a) through @, using the following account titles: Cash;
Supplies, Accounts Payable; Sharon Matthewa, Capital; Sharon Matthews, Drawing, Fees
Earned; Rent Expense; Office Salaries Expense; Automobile Expense, Supplies Expense;
Miscellaneous Expense. Explanations may be omitted.
2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts,
placing the appropriate letter 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.

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