Ch2 Formative Assessment Journal Entries and Trial Balance On October 1, 2016, Jay Crowley established Affordable Realty, which completed the following transactions during the month ay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock. $27,000. b. Pald rent on office and equipment for the month $5,050. c. Purchased supplies on account, $1.490. d. Paid creditor on account, $550 e. Earned sales commissions, receiving cash, $22.950. f. Pald automobile expenses (including rental charge for month $1,400, and miscellaneous expenses, 5910. d. Pald office ares, 32,940. 11. Determined that the cost of supplies used was $830, L. Pald dividends, $1.350 Required: 1. Journalire entries for transactions (a) through (0 (in chronological order), using the following account is cal Sople Accounts Payable. Common Stock Dividends, Sales Commons Rost Expense, Office Salaries Expense, Automobile Experim, Supplies Expanse, Placetanto bene, for a compound transaction. If an amount to cont not require an entry leave it blank Cash 27.000 x Common Stock b Rent Expense Cash x Supplies i Accounts Payable G. Supplies X Accounts Payable d. Accounts Payable Cash Cash & Sales Commissions X Automobile Expense Miscellaneous Expense Cash 0. office Salaries Expense Cash v h. Supplies Expense Supplies Ch2 Formative Assessment Dividends Cash 7. Prepare accounts, using the account titlesin (1). Post the journal entries to these T accounts, selecting the appropriate letter to the left of each amount to identify the transactions. Determine the account balances of the accounts (when required), after all posting is complete Accounts containing a single entry only (such as common Stock) do not need a balance Cash d. 1. B Supplies BM Accounts Payable Ch2 Formative Assessment Supplies Bal. Accounts Payable Bal. Common Stock > Dividends Sales Commissions Ch2 Formative Assessment Sales Commissions Rent Expense Office Salaries Expense Automobile Expense Supplies Expense Miscellaneous Expense Ch2 Formative Assessment Miscellaneous Expense 2. Prepare an adjusted trial balance as of October 21, 2016. stall accounts in the order of Assets.tidities, Stockholderserity. Revenues, and expenses. For those hoces in which no entry i required, Inave the box blank. Affordable Realty Unadjusted Trial Balance October 31, 2018 Debit balances Credit Balances X X Common Stockx X Cashx Rent pense X X Accounts Payable x Sales Commissions Miscellaneous X x X Office Salaries Expensex Sales Consox suppe X Office Salaries Expensex Sales Commissions x Dividends x X X X X X X 4. As a result of the January transactions (a-i), determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger $ X c. Amount of net income for October. $ X 5. Determine the increase or decrease in retained earnings for October Increase X more Check My Worluses remaining
