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Journal Entries and Tralalance On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the months . Jay Crowley transferred
Journal Entries and Tralalance On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the months . Jay 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. Paid rent on office and equipment for the month $5,050. c. Purchased supplies on account, $1,490 d. Paid creditor on account, $550 e Farned sales commissions, receiving cash, $22,950. 1. Paid automobile expenses (including rental charge) for month, $1,400, and miscellaneous expenses, 5940. 9. Paid of hoe salaries, $2,940. n. Determined that the cost of supples used was $830, I Paid dividends, $1,350 Required: 1. Soumaitre entries for transactions (a) through (in chronological order), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock Dividends, Sales Commission, Runt expense, Omar Saunen Expense, Automobile Expense, Supplies Expense, Miscellaneous expense. For a compound transaction, it an amount box does not require an entry, leave it blank I WII 2. Prepare T accounts, using the account titles in () Pout the joumat entries to these Tuccoselecting the appropriate letter to the left of each amount to identity the transactions, Determine the account balances or the accounts (when required), wer all posting is complete Accounts containing a single entry only (such as Common Stock) do not need a balance Cash Cash Bal. Supplies Bal. Accounts Payable Bal. Common Stock Dividends Sales Commissions Rent Expense Office Salaries Expense Automobile Expense Supplies Expense Miscellaneous Expense 3. Prepare an unadjusted trai wanor at of October 31, 2018. Llat all accounts in the seda on Amets, abilities, Stockholders equiry, Revenues, and Expenses. For those boxes in which no entry is required love the book Affordable Realty Unadusted Trial Balance 3. Prepare an unadjusted trial balance as of October 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. For those boxes in which no entry is required, leave the box blank Affordable Realty Unadjusted Til Balance October 31, 2018 Debit Balances Credit Balances 4. As a result of the January transactions (-i), determine the following: a. Amount of total revenue recorded in the ledger 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. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October
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