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.
3. For part (a), which two accounts are affected?
A. Accounts receivable and fees earned
B. Supplies and accounts payable
C. Cash and accounts receivable
D. Rent expense and cash
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