Question

eBook 34 Show Me How She Calculator 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, $20,000. b. Paid rent on office and equipment for the month $3,740. . Purchased supplies on account, $1,110. d. Paid creditor on account, $410. e. Eamed fees, receiving cash, $17,000. f. Paid automobile expenses (including rental charge) for month, $1,040, and miscellaneous expenses, $700. 9. Paid office salaries, $2,180. h. Determined that the cost of supplies used was $610. i. Withdrew cash for personal use, $1,000. Required: 1. Joumalize entries for transactions (a) through () (in chronological order), using the following account titles: Cash; Supplies: Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expenser 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. a 20,000 Cash Sharon Matthews Capital 20.000 Rent Expense v 3,740 Cash 3,740 Supplies 1,110V

Answer 1

Journal Entries
(a)	Cash A/c                   Dr.	20000
	To    Sharon Matthews Capital A/c		20000
(b)	Rent Expenses       Dr.	3740
	To    Cash		3740
©	Supplies A/C            Dr.	1110
	To Account Payable A/C		1110
(d)	Account Payable Dr.	410
	To Cash		410
( e )	Cash A/C                 Dr.	17000
	To    Income A/c		17000
(f)	Automobile exp.      Dr.	1040
	Miscellaneous exp    Dr.	700
	To    Cash		1740
( g)	Salary A/c                  Dr.	2180
	To     Cash		2180
(h)	Supplies exp    Dr	610
	To   Supplies		610
(i)	Sharon Matthews Drawing                 Dr	1000
	To      Cash		1000
	LEDGER
CASH A/C
Particulars	Amount	Particulars	Amount
To    Sharon Matthews Capital A/c	20000.00	By Rent Expenses	3740.00
To   Fees Earned A/c	17000.00	By Account Payable	410.00
		By Automobile exp.	1040.00
		By Miscellaneous exp	700.00
		By Salary A/c	2180.00
		By Sharon Matthews Drawing	1000.00
		By Balance C/D	27930.00
	37000.00		37000.00
SHARON MATTHEWS CAPITAL A/C
To Balance C/D	20000.00	By Cash	20000.00
FEES EARNED A/C
To Balnce C/D	17000.00	By Cash	17000.00
RENT EXPENSES
To Cash	3740.00	By Balance C/D	3740.00
AUTOMOBILE EXP A/C
To Cash	1040.00	By Balance C/D	1040.00
Miscellaneous exp   A/C
To Cash	700.00	By Balance C/D	700.00
SALARY A/C
To Cash	2180.00	By Balance C/D	2180.00
Sharon Matthews Drawing   A/C
To Cash	1000.00	By Balance C/D	1000.00
SUPPLIES A/C
To Account Payable	1110	By Supplies exp.	610
		By Balance C/D	500
	1110		1110
ACCOUNT PAYABLE A/C
To cash	410	By Supplies	1110
To Balance C/D	700
	1110		1110
Supplies Exp A/C
To Supplies	610	By Balance C/D	610
Trial Balance
	DR	CR
Cash	27930
Supplies	500
Account Payable		700
Capital		20000
Drawing	1000
Fees Earned		17000
Rent Expenses	3740
Office Salary	2180
Automobile Exp	1040
Supplies Exp	610
Miscellaneous Exp	700
	37700	37700