Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jourmal entries and trial belance On August 1, 20Y7, Rafael Masey estabished Planet Realty, which completed the following transactions during the month: a. Rafael Masey

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Jourmal entries and trial belance On August 1, 20Y7, Rafael Masey estabished Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common 5 tock, 577,000 . b. Purchased supplies on account, 51,510 . c. Earned sales comtnissions, receiving cash, $23,220. d. Paid rent on office and equipment for the month, $5,110. c. Paid creditor on account, 3560 . 1. Paid dividends, $1,370. 9. Paid automobile expenses (including rental charge) for month, $1,420, and misceilaneous expenses, 3950. h. Paid offee salaries, 52,970 . 1. Determined that the cost of supplies used was $840. Required: 2. Prepare T accounts, using the account titles in (1). Post (in chronological order) the journal entries to these accounts, selecting the approprate letter to the left of each amount to identify the transactions. Dectermine the account balances, after all posting is complete, Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of August 31, 20r7. List all accounts in the order of Assets, Liabilities, Scockholders' equ ty, Revenues, and Expenses. If ar amount box does not require an entry, leave it blank. b. Amount of total expenses recorded in the ledger

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting Lawrence S C Good Condition ISBN 08512

Authors: S.C. Lawrence

1st Edition

9780851215099

More Books

Students also viewed these Accounting questions

Question

83. Prove Lemma 5.4.

Answered: 1 week ago

Question

1. Understand how verbal and nonverbal communication differ.

Answered: 1 week ago