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Instructions
On January 1, 2045, 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. $53.000.
2
Paid rent on office and equipment for the month. $7.950.
<
3
Purchased supplies on account, $4.240.
4
Paid creditor on account. $2,320.
5
Earned fees, receiving cash, $24.180.
6
Paid automobile expenses (including rental charge) for month, $2.490,
and miscellaneous expenses, S560.
7
Paid office salaries 56.630.

Answer :

ABIOLATAIWO2015GO

The journal entries are:

1. Dr Cash $53,000

Cr Common stock $53,000

2. Dr Rent expense $7,950

Cr Cash $7,950

3. Dr Supplies $4,240

Cr Account Payable $4,240

4. Dr  Account Payable $2,320

Cr Cash $2,320

5. Dr  Cash $24,180

Cr Sales Commission $24,180

6. Dr Automobile expense $2,490

Dr Miscellaneous expense $560

Cr Cash $3,050

($2,490+$560)

7. Dr Office Salaries expense $56,630

Cr Cash $56,630

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