Question

Journal T Accounts Unadjusted Trial Balance Final Questions On January 1, 2019, Sharon Matthews ostablished Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40.000. 2 Paid rent on office and equipment for the month, $6,000. 3 Purchased supplies on account, $3,200. 4 Paid creditor on account, $1.750. 5 Eamed fees, receiving cash, $18,250. 6 Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses, $420. 7 Paid offioe salaries, $5,000. 8 Determined that the cost of supples used was $1.400. 9 Withdrew cash for personal use. $2.000. Required 1. Journalize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact wording of account tities. 2. Post the journal entries to the T accounts, selecting the appropriate date 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 baiance. 3. Prepare an unadjusted trial balance as of January 31, 2019. 4. Determine the following: a. Amount of total revenue recorded in the tedger b. Amount of total expenses recorded in the ledger c Amount of net incpme for January 5. Determine the increase or decrease in owner's equity for January s equity for January

Answer 1

1. Preparing Journal Entries for the month of January.

Tri - City Realty

General Journal

For the Month of January 31,2019

Date	Accounts Title	Debit	Credit
January 1	Cash	$40,0000
	Sharon Mathew, Capital		$40,000
January 2	Rent Expense	$6,000
	Cash		$6,000
January 3	Supplies	$3,200
	Accounts Payable		$3,200
January 4	Accounts Payable	$1,750
	Cash		$1,750
January 5	Cash	$18,250
	Fees Earned		$18,250
January 6	Automobile Expense	$1,880
	Miscellaneous Expense	$420
	Cash		$2,300
January 7	Office Salaries Expense	$5,000
	Cash		$5,000
January 8	Supplies Expense	$1,400
	Supplies		$1,400
January 9	Sharon Mathews, Drawing	$2,000
	Cash		$2,000

2. Posting To General Ledger:-

Cash

Accounts	Amount	Accounts	Amount
Sharon Mathews, Capital	$40,000	Rent Expense	$6,000
Fees Earned	18,250	Accounts Payable	1,750
		Automobile Expense	1,880
		Miscellaneous Expense	420
		Office Salaries Expense	5,000
		Sharon Mathews, Drawing	2,000
		Balance	$41,200
Total	$58,250	Total	$58,250
Closing Balance	$41,200

Supplies

Accounts Payable	$3,200	Supplies Expense	$1,400
		Balance	1,800
Total	$3,200	Total	$3,200
Closing Balance	$1,800

Accounts Payable

Cash	$1,750	Supplies	$3,200
Balance	$1,450
Total	$3,200	Total	$3,200
		Closing Balance	$1,450

Sharon Mathews, Capital

Balance	$40,000	Cash	$40,000
Total	$40,000	Total	$40,000
		Closing Balance	$40,000

Sharon Mathews, Drawing

Cash	$2,000	Balance	$2,000
Total	$2,000	Total	$2,000
Closing Balance	$2,000

Fees Earned

Balance	$18,250	Cash	$18,250
Total	$18,250	Total	$18,250
		Closing Balance	$18,250

Rent Expense

Cash	$6,000	Balance	$6,000
Total	$6,000	Total	$6,000
Closing Balance	$6,000

Office Salaries Expense

Cash	$5,000	Balance	$5,000
Total	$5,000	Total	$5,000
Closing Balance	$5,000

Automobile Expense

Cash	$1,880	Balance	$1,880
Total	$1,880	Total	$1,880
Closing Balance	$1,880

Supplies Expense

Supplies	$1,400	Balance	$1,400
Total	$1,400	Total	$1,400
Closing Balance	$1,400

Miscellaneous Expense

Cash	$420	Balance	$420
Total	$420	Total	$420
Closing Balance	$420

3. Tri - City Realty

Unadjusted Trial Balance

January 31,2019

No.	Accounts	Debit	Credit
11	Cash	$41,200
12	Supplies	1,800
21	Accounts Payable		$1,450
31	Sharon Mathews, Capital		40,000
32	Sharon Mathews, Drawing	2,000
41	Fees Earned		18,250
51	Rent Expense	6,000
52	Office Salaries Expense	5,000
53	Automobile Expense	1,880
54	Supplies Expense	1,400
55	Miscellaneous Expense	420
	Totals	$59,700	$59,700

4. (a) Amount of Total Revenue recorded in The Ledger $18,250.

(b) Amount of Total Expenses recorded in The Ledger $14,700. ($6,000+5,000+1,880+1,400+420)

(c) Amount for Net Income for January $3,550. (Total Revenue - Total Expenses=($18,250-$14,700))

Tri- City Realty

Income Statement

For the month of January 31,2019

Accounts	Amount	Amount
Revenue:-
Fees Earned		$18,250
Expenses:-
Rent Expense	$6,000
Office Salaries Expense	5,000
Automobile Expense	1,880
Supplies Expense	1,400
Miscellaneous Expense	420
Total Expenses		$(14,700)
Net Income		$3,550

5. Tri-City Realty

Statement of Owner's Equity

For the month of January 31,2019

Accounts	Amount
Sharon Mathews, Capital, January 1,2019	$40,000
Less:- Drawing	(2,000)
	$38,000
Add:- Net Income	3,550
Sharon Mathews, Capital, January 31,2019	$41,550

Owner's Equity Increase by $1,550 ($41,550-$40,000) for January.