Question

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, $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.

f. Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses, $420.

g. Paid office salaries, $5,000.

h. Determined that the cost of supplies used was $1,400.

i. Withdrew cash for personal use, $2,000. Can you put all accounts on a Journal Entry and T accounts?

Can you please Journal all entries and prepare T-Accounts ?

Answer 1

Credits Journal Entries :- S.No Accounts Title & Explanation Cash To Sharon Matthews Capital (Entry for recording of cash invested in business) Debit $ 40,000 40,000 b Rent Expense 6,000 To Cash (Entry for recording rent paid for office and equipment) 6,000 3,200 Supplies To Accounts Payable (Entry for recording of supplies purchased on credit) 3,200 1,750 Accounts Payable To Cash (Entry for recording payment for creditors) 1,750 18,250 Cash To Fee Earned (Entry for recording Fee earned) 18,250 1,880 420 Automobile expenses Miscellaneous expense To Cash (Entry for recording payment for expenses) 5,000 Salaries expense To Cash (Entry for recording payment for salaries) 5,000 h 1,400 Supplies expense To Supplies (Entry for recording of supplies used) 1,400 2,000 Sharon Matthews Drawings To Cash (Entry for recording cash withdrawn for personal use) 2,000

Cash Date Date Credits Particulars To Sharon Matthees Capital To Fee Earned Debit $ 40,000 18,250 6,000 1,750 1,880 Particulars By Cash By Accounts Payable By Automobile expenses By Miscellaneous expenses By Salaries expense By Sharon Matthews Drawings By Balance c/f 420 5,000 2,000 41,200 58,250 58,250 Sharon Matthees Capital :- Date Particulars Debit $ Date Particulars By Cash Credits 40,000 To Balance c/f 40,000 40,000 40,000 Rent Expense Date Particulars To Cash Date Debit $ 6,000 6,000 Particulars By Balance c/f Credits 6,000 6,000 Supplies :: Date Particulars To Accounts Payable Date Debit $ 3,200 Particulars By Supplies expense By Balance c/f Credits 1,400 1,800 3,200 3,200 Date Credits Accounts Payable : Date Particulars To Cash To Balance c/f Particulars By Supplies 3,200 Debit $ 1,750 1,450 3,200 3,200 3,200 Fee Earned :- Date Particulars To Balance c/f Debit S Date Credits Particulars By Cash 18,250 18,250 18,250 18,250

Automobile expenses :- Date Particulars To Cash Date Debit $ 1,880 1,880 Particulars By Balance c/f Credits 1,880 1,880 Miscellaneous expenses :- Date Particulars To Cash Date Debit $ 420 420 Particulars By Balance c/f Credits 420 420 Salaries expenses Date Particulars To Cash Date Debit $ 5,000 5,000 Particulars By Balance c/f Credits 5,000 5,000 Supplies expenses Date Particulars To Supplies Date Debit $ 1,400 1,400 Particulars By Balance c/f Credits 1,400 1,400 Sharon Matthews Drawings :: Date Particulars To Cash Date Debit $ 2,000 2,000 Particulars By Balance c/f Credits 2,000 2,000