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, $17,500. b. Purchased supplies on account, $2,300. c. Earned sales commissions, receiving cash, $13,300 e. Paid creditor on account, $1,150. f. Paid dividends, $1,800. g. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400. i. Paid office salaries, $2,800. Required: Expense. If an amount box does not require an entry, leave it blank. a. b. c. d. e. f. g. h. i. Accounts containing only a single entry do not need a balance. Supplies Bal. Common Stock Dividends Sales Commissions Rent Expense Office Salaries Expense 4. 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. \& 5. Determine the increase or decrease in retained earnings for August