Question

Calculator eBook 34 Show Me How Journal entries and trial balance Chart of Accounts Journal | TAccounts Unadjusted Trial Balance Final Custom Instructions Jan 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $10,000 2 3 4 5 6 Paid rent on office and equipment for the month, 56000 Purchased supplies on account, $3,200 Paid creditor on account, $1,750 Earned fees, receiving cash, 818,250 Paid automobile expenses (including rental charge) for month $1,880, and miscellaneous expenses, $420 Paid office salaries, $5,000 Determined that the cost of supplies used was $1,400 Withdrew cash for personal use, $2,000 7 8 9

Answer 1

					Accounting Equation
Date	Description	Post ref.	Debit	Credit	Assets	Liabilities	Equity
Jan 1	Cash		40,000		40,000
	Sharon Matthews, Capital			40,000			40,000
Jan 2	Rent Expense		6,000				-6,000
	Cash			6,000	-6,000
Jan 3	Supplies		3,200		3,200
	Accounts Payable			3,200		3,200
Jan 4	Accounts Payable		1,750			-1,750
	Cash			1,750	-1,750
Jan 5	Cash		18,250		18,250
	Fees Earned			18,250			18,250
Jan 6	Automobile Expense		1,880				-1,880
	Miscellaneous Expense		420				-420
	Cash			2,300	-2,300
Jan 7	Office Salaries Expense		5,000				-5,000
	Cash			5,000	-5,000
Jan 8	Supplies Expense		1,400				-1,400
	Supplies			1,400	-1,400
Jan 9	Sharon Matthews, Drawing		2,000				-2,000
	Cash			2,000	-2,000
	Unadjusted Trial Balance
	Accounts Title		Debit	Credit
	Cash		41,200
	Supplies		1,800
	Accounts Payable			1,450
	Sharon Matthews, Capital			40,000
	Sharon Matthews, Drawing		2,000
	Fees Earned			18,250
	Rent Expense		6,000
	Office Salaries Expense		5,000
	Automobile Expense		1,880
	Supplies Expense		1,400
	Miscellaneous Expense		420
	Totals		59,700	59,700