Record the following selected transactions for January in a two-column journal,identifying each entry by letter:
(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.
Correct Answer:
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