Question
Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: Rafael Masey transferred
Journal entries and trial balance
On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:
Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $32,000.
Purchased supplies on account, $1,730.
Earned sales commissions, receiving cash, $26,560.
Paid rent on office and equipment for the month, $5,840.
Paid creditor on account, $640.
Paid dividends, $1,570.
Paid automobile expenses (including rental charge) for month, $1,620, and miscellaneous expenses, $1090.
Paid office salaries, $3,400.
Determined that the cost of supplies used was $960.
Required:
Question Content Area
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.
Transaction | Account | Debit | Credit |
---|---|---|---|
a. | a. | a. | |
- Select - | - Select - | ||
b. | b. | b. | |
- Select - | - Select - | ||
c. | c. | c. | |
- Select - | - Select - | ||
d. | d. | d. | |
- Select - | - Select - | ||
e. | e. | e. | |
- Select - | - Select - | ||
f. | f. | f. | |
- Select - | - Select - | ||
g. | g. | g. | |
- Select - | - Select - | ||
- Select - | - Select - | ||
h. | h. | h. | |
- Select - | - Select - | ||
i. | i. | i. | |
- Select - | - Select - |
Question Content Area
2. Prepare T accounts, using the account titles in (1). Post (in chronological order) the journal entries to these accounts, selecting the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Bal. |
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
fill in the blank 16 of 41 a.b.c.d.e.f.g.h.i. | fill in the blank 17 of 41 | fill in the blank 18 of 41 a.b.c.d.e.f.g.h.i. | fill in the blank 19 of 41 |
Bal. | fill in the blank 20 of 41 |
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Bal. |
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
Question Content Area
3. Prepare an unadjusted trial balance as of August 31, 20Y7. List all accounts in the order of Assets, Liabilities, Stockholders equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank.
Account | Debit Balances | Credit Balances |
---|---|---|
Total | Total | Total |
Question Content Area
4. Determine the following:
a. Amount of total revenue recorded in the ledger. fill in the blank 1 of 1$
b. Amount of total expenses recorded in the ledger. fill in the blank 1 of 1$
c. Amount of net income for August. fill in the blank 1 of 1$
5. Determine the increase or decrease in retained earnings for August. fill in the blank 1 of 1$
IncreaseDecrease
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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