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Posted: July 17th, 2024

ACCOUNTING A01V-Record the following selected transactions for January in a two-column journal

Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry byletter:(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 $1,750Answer the 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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