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, $24,000. b. Purchased supplies on account, $1,280. c. Earned sales commissions, receiving cash, $19,680. d. Paid rent on office and equipment for the month, $4,330. e. Paid creditor on account, $470. f. Paid dividends, $1,160. g. Paid automobile expenses (including rental charge) for month, $1,200, and miscellaneous expenses, $810. h. Paid office salaries, $2,520. i. Determined that the cost of supplies used was $710. 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. 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. Dividends Sales Commissions Rent Expense Office Salaries Expense Automobile Expense Supplies Expense Miscellaneous Expense boxes in which no entry is required, leave the box blank. Feedback V Check My Work proper Debit or Credit column. The trial balance column totals should be equal. 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. $ Feedback Check My Work 4. Look at the ending balance for each revenue and expense account. Add all expense account amounts together to obtain a total used to calculate: Revenue Expenses = Net Income (Loss). 5. Compare the ending balance of the retained earnings to the beginning balance of retained earnings. Recall that retained earnings increases with revenues and decreases with expenses and dividends. Put another way, net income(loss) is the net change in all assets and liabilities from operating (revenue and expense) transactions that increases or decreases retained earnings