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Journal Entries and Trial Balance On August 1, 2017, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael
Journal Entries and Trial Balance On August 1, 2017, 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, $26,000. b. Purchased supplies on account, $1,450. c. Earned sales commissions, receiving cash, $22,360. d. Paid rent on office and equipment for the month, $4,920. e. Paid creditor on account, $540. f. Paid dividends, $1,320. g. Paid automobile expenses (including rental charge) for month, $1,360, and miscellaneous expenses, $920. h. Paid office salaries, $2,860. 1. Determined that the cost of supplies used was $800. Required: 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. If an amount box does not require an entry, leave it blank.
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