Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1) Journalize the transactions below using the following account titles: Cash Capital Stock Dividends Rent expense Automobile expense Supplies expense Office Salaries Expense Misc.
1) Journalize the transactions below using the following account titles: Cash Capital Stock Dividends Rent expense Automobile expense Supplies expense Office Salaries Expense Misc. expense Accounts Receivable Supplies Accounts Payable Sales Commissions 2) Prepare T-accounts and post the entries to the appropriate accounts. Determine balances after all entries are posted. a) Issued capital stock for $16,000. b) Paid rent on office building for the month, $3,000. c) Purchased supplies on account, $1,200. d) Paid creditor on account, $800. e) Earned sales commissions and sent invoices to customers, $22,500. f) Paid automobile expenses for month, $2,900, and miscellaneous expenses, $1,450. g) Paid office salaries, $4,200. h) Determined the cost of supplies used was $960. i) Paid cash dividends, $1,400.
Step by Step Solution
★★★★★
3.40 Rating (147 Votes )
There are 3 Steps involved in it
Step: 1
1 a Cash 16000 Capital Stock 16000 b Rent Expense 3000 Cash 3000 c S...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started