Journal entries for Polland Real Estate Agency's transactions were prepared in E2-9.
June 1 Samantha Polland opened Polland Real Estate Agency with an investment of $13,430 cash and $3,490 of equipment.
2 Paid $1,420 for a one-year insurance policy.
3 Purchased additional equipment for $4,580, paying $930 cash and signing a note payable for the balance.
10 Received $220 cash as a fee for renting an apartment.
16 Sold a house and lot to B. Rollins. The commission due from Rollins is $8,000. (It is not paid by Rollins at this time.)
27 Paid $650 for advertising during June.
29 Received an $80 bill for telephone service during the month of June. (The bill is paid in July.)
30 Paid an administrative assistant $1,830 in salary for June.
30 Received $8,000 cash from B. Rollins for the June 16 transaction.
Instructions
(a) Post the journal entries to the general ledger, using Taccounts. Note, as this is the first year of operations, there are no opening balances to consider.
(b) Post transactions to T accounts and prepare a trial balance at June 30, 2017.