Reference no: EM132544588

Question - Journal Entries and Trial Balance

On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:

1. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $18,000.

2. Paid rent on office and equipment for the month, $3,330.

3. Purchased supplies on account, $980.

4. Paid creditor on account, $360.

5. Earned fees, receiving cash, $15,120.

6. Paid automobile expenses (including rental charge) for month, $920, and miscellaneous expenses, $620.

7. Paid office salaries, $1,940.

8. Determined that the cost of supplies used was $540.

9. Withdrew cash for personal use, $890.

Q1. As a result of the January transactions (a-i), determine the following:

a. Amount of total revenue recorded in the ledger.

b. Amount of total expenses recorded in the ledger.

c. Amount of net income for January.

Q2. Determine the total increase or decrease in owner's equity for January.