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Journal entries and trial balance On August 1 , 2 0 Y 7 , Rafael Masey established Planet Realty, which completed the following transactions during
Journal entries and trial balance
On August Y Rafael Masey established 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 Stock, $
b Purchased supplies on account, $
c Earned sales commissions, receiving cash, $
d Paid rent on office and equipment for the month, $
e Paid creditor on account, $
f Paid dividends, $
g Paid automobile expenses including rental charge for month, $ and miscellaneous expenses, $
h Paid office salaries, $
i Determined that the cost of supplies used was $
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 August.
$
Determine the increase or decrease in retained earnings for August.
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