Question

Journal Entries and Trial Balance On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $31,000. b. Paid rent on office and equipment for the month, $5,730. C. Purchased supplies on account, $1,690. d. Paid creditor on account, $620. e. Eamed fees, receiving cash, $26,040. f. Paid automobile expenses (including rental charge) for month, $1,590, and miscellaneous expenses, $1070. 9. Paid office salaries, $3,330 h. Determined that the cost of supplies used was $940. 1. Withdrew cash for personal use, $1,540. Required: 1. Journalize entries for transactions (a) through (1) (in chronological order), using the following account titles: Cash; Supplies: Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Eamed; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. For a compound transaction, if an amount box does not require an entry, leave it blank.

Answer 1

Answer: Date Credit Debit 31,000 31,000 5,730 5,730 1,690 1,690 620 620 26,040 Accounts Titles & Explanation Cash Person SM Capital Rent Expense Cash Supplies Accounts Payable Accounts Payable Cash Cash Fees Earned Automobile Expenses Miscellaneous Expense Cash Salaries Expense Cash Supplies Expense Supplies Person SM Withdrawal Cash 26,040 1,590 1,070 2,660 3,330 3,330 940 940 1,540 1,540