in proper form journal entries for the following transactions. Omit
made a cash investment into the company $5,000
supplies on account $100.
for supplies purchased on October 8
company telephone bill, to be paid later, $30
Record the following selected
transactions for January in a two-column journal, identifying each entry by
(a) Earned $7,000 fees; customer will
(b) Purchased equipment for $45,000,
paying $20,000 in cash and the remainder on credit
(c) Paid $3,000 for rent for January.
(d) Purchased $2,500 of supplies on
(e) A. Allen $1,000 investment in the
(f) Received $7,000 in cash for fees
(g) Paid $1,200 to creditors on
(h) Paid wages of $6,250.
(i) Received $7,150 from customers on
(j) A. Allen withdrawal of $1,750.
From the following items in the income
statement columns of the worksheet of Friend's Tutoring at December 31, prepare
the closing entries without explanation, assuming that a $1,000 withdrawal was
made during the period.
Account Debit Credit
Tutoring Fees 3,450
Wages Expense 700
Rent Expense 600
Supplies Expense 450
Insurance Expense 250 _____
Net Income 1,450 _____
A summary of selected ledger accounts
appear below for S. Ball for the current calendar year.
the following questions.
What was the total amount of withdrawals for the year?
What was the net income?
What was the total revenue?
What were the total expenses?