On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $30,000. 2 Paid rent on office and equipment for the month, $2,450. 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $850. 5 Earned fees, receiving cash, $14,940. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $470. Paid office salaries, $2,000. 7 8 Determined that the cost of supplies used was $1,100. 9 Withdrew cash for personal use, $3,200. Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 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 balance. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. 3. Prepare an unadjusted trial balance as of January 31, 20Y5. 4. Determine the following: a. Amount of total revenue recorded in the ledger. On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $30,000. 2 Paid rent on office and equipment for the month, $2,450. 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $850. 5 Earned fees, receiving cash, $14,940. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $470. Paid office salaries, $2,000. 7 8 Determined that the cost of supplies used was $1,100. 9 Withdrew cash for personal use, $3,200. Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 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 balance. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. 3. Prepare an unadjusted trial balance as of January 31, 20Y5. 4. Determine the following: a. Amount of total revenue recorded in the ledger.
Expert Answer:
Answer rating: 100% (QA)
Mountain Top Realty Journal Entries and Trial Balance 1 Journal Entries Date Account Title Debit Credit Jan 1 Cash 30000 Fahad Ali Capital 30000 Jan 2 ... View the full answer
Related Book For
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date:
Students also viewed these accounting questions
-
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: a. Fahad Ali transferred cash from a personal bank account to an account to...
-
On August 1, 20Y5, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to...
-
You are the manager of a firm that produces products X and Y at zero cost. You know that different types of consumers value your two products differently, but you are unable to identify these...
-
A drug company has a monopoly on a new patented medicine. The product can be made in either of two plants. The costs of production for the two plants are MC1 20 2Q1 and MC2 10 5Q2. The firms...
-
On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automotive. The following transactions occurred during December: Dec. 1 Waldo contributed $70,000 cash to the business in exchange...
-
Proper recording within general ledger control accounts does not necessarily mean that transactions are posted accurately to individual vendor accounts. What controls can management institute to...
-
Hampton Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows:...
-
To discover whether an unknown gas is monatomic or diatomic, an experimenter takes a 2.0 L sample of the gas at STP and heats this sample to 100C at constant volume. (a) The gas absorbs 180 J of...
-
How global is the industry in which we operate? How prepared are we for global challenges? Should the company internationalize at all? What are the challenges?
-
Social media can be a great way to, well, socialize during your college years, but employers are increasingly checking up on the online activities of potential hires to avoid bringing in employees...
-
Credit card debt can be a crippling financial burden with myriad side effects, from higher insurance rates to more-expensive loans to difficulty getting a job or a promotion. Unfortunately, credit...
-
Employees who take pride in their work are a practically priceless resource for any business. However, pride can sometimes manifest itself in negative ways when employees come under criticism, and...
-
The following exercises help you improve your knowledge of and power over English grammar, mechanics, and usage. Turn to the Handbook of Grammar, Mechanics, and Usage at the end of this book and...
-
If it is momentum, not velocity, that responds when a force is applied (according to Newtons second law), why is the momentum equation given by pDv/Dt -Vp and not D(pv)/Dt = -Vp. =
-
Research the internet for organizations that remain vulnerable and the hacking or fraud techniques they have encountered in the recent years. Requirements: 1. Identify and describe at least two forms...
-
Problem 2. (0.6 points, 0.2 points for each question) (a) A company turns its inventory 2 times a month. Its months-of-supply = Its days-of-supply = Please show your analysis below: _months. days. (1...
-
What is the pro forma statement, and how important is it for a business?
-
Briefly compare replacement value to liquidation value of an asset.
-
What do we mean by budgeting, and how would this process serve the firm?
Study smarter with the SolutionInn App