Test VII - Final Exam

Shehla Shehgarlynn operates a taxi company known as the Shehgarlynn's Taxi Co. The beginning balance of her accounts as of January 1, 2013 as follows:

Cash.....................................$76,500
Supplies .....................................800
Automobile ...........................15,000
Accounts Payable..................33,000
Capital...................................10,500

The transactions of the firm during the month of January appear below:

1. Paid balance owed to the creditor.
2. Income (cash) for the month, $8,500
3. Paid wages for the month, $2,100
4. Paid for advertising, $150
5. Purchased an additional used taxi for $7,500, terms half in cash and the balance on account.
6. Paid $475 for maintenance of automobiles.
7. Sold $150 of our supplies at cost as an accommodation.
8. Shehla withdrew $950 for personal use. 
9. Inventory of supplies at the end of the month was $425 (used).

Prepare the following:

1. Journal Entries
2. General Ledger
3. Trial Balance
4. Financial Statement