Preparein proper form journal entries for the following transactions. Omitexplanations.October2 Ownermade a cash investment into the company $5,0008 Boughtsupplies on account $100.10 Paidsalaries, $70015 Paidfor supplies purchased on October 821 Receivedcompany telephone bill, to be paid later, $30Part B Record the following selectedtransactions for January in a two-column journal, identifying each entry byletter:(a) Earned $7,000 fees; customer willpay 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 onaccount.(e) A. Allen $1,000 investment in thecompany.(f) Received $7,000 in cash for feesearned previously.(g) Paid $1,200 to creditors onaccount.(h) Paid wages of $6,250.(i) Received $7,150 from customers onaccount.(j) A. Allen withdrawal of $1,750.Part C (1) From the following items in the incomestatement columns of the worksheet of Friend’s Tutoring at December 31, preparethe closing entries without explanation, assuming that a $1,000 withdrawal wasmade during the period. IncomeStatementAccount Debit CreditTutoring Fees 3,450Wages Expense 700Rent Expense 600Supplies Expense 450Insurance Expense 250 _____ 2,000 3,450Net Income 1,450 _____ $3,450 $3,450(2) A summary of selected ledger accountsappear below for S. Ball for the current calendar year.Answerthe following questions.a.What was the total amount of withdrawals for the year?b.What was the net income?c.What was the total revenue?d.What were the total expenses?
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