ACCOUNTING NEED FOR PART B 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
(2) Earned $7,000 fees, customer will pay later.
(6) 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.
(1) Received $7,000 in cash for fees earned previously.
(g) Paid $1,200 to creditors on account.
(h) Paid wages of 56,250.
Received $7,150 from customers on account.
6) A. Allen withdrawal of $1,750.
2. For part (h), which two accounts are affected?
Fees Earned and Cash
Wages Expense and Cash
Accounts Payable and Cash
Rent Expense and Cash