Record the following selected transactions for january in a two‐column journal. once you have completed that, answer questions 1 – 5 related to your work.
(a) earned $7,000 fees; customer will pay later.
(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 account.
(e) a. allen $1,000 investment in the company.
(f) received $7,000 in cash for fees earned previously.
(g) paid $1,200 to creditors on account.
(h) paid wages of $6,250.
(i) received $7,150 from customers on account.
(j) a. allen withdrawal of $1,750.
2. for part (h), which two accounts are affected?
a. fees earned and cash
b. wages expense and cash
c. accounts payable and cash
d. rent expense and cash
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