Journal entries and trial balance On August 1, 20Y7, 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, $23,000. b. Purchased supplies on account, $1,270. c. Earned sales commissions, receiving cash, $19,550. d. Paid rent on office and equipment for the month, $4,300. e. Paid creditor on account, $470. f. Paid dividends, $1,150. g. Paid automobile expenses (including rental charge) for month, $1,190, and miscellaneous expenses, $800. h. Paid office salaries, $2,500. i. Determined that the cost of supplies used was $700.

On August 1, 20Y7, 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, $23,000. b. Purchased supplies on account, $1,270. c. Earned sales commissions, receiving cash, $19,550. d. Paid rent on office and equipment for the month, $4,300. e. Paid creditor on account, $470. f. Paid dividends, $1,150. 9. Paid automobile expenses (including rental charge) for month, $1,190, and miscellaneous expenses, $800. h. Paid office salaries, $2,500. 1. Determined that the cost of supplies used was $700