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On August 1, 2021, Ronald Morton established East Texas Properties, which completed the following transactions during the month. (You are not required to write descriptions
On August 1, 2021, Ronald Morton established East Texas Properties, which completed the following transactions during the month. (You are not required to write descriptions for the entries.): a. Ronald Morton transferred cash form a personal bank account to an account to be used for the business in exchange for capital stock of $17,500. b. Purchased supplies on account for $2,300. c. Earned sales commissions, receiving cash of $13,300. d. Paid rent on office and equipment for the month of $3,000. e. Paid creditor on account, $1,150. f. Paid dividends of $1,800. g. Paid automobile expenses (including rental charge) for month of $1,500, and miscellaneous expenses of $400. h. Paid office salaries of $2,800. i. Determined that the cost of supplies used was $1,050. Instructions a. Prepare journal entries for transactions x-x, using the following account titles: Cash Supplies Accounts Payable Sales Commissions Rent Expense Office Salaries Expenses Capital Stock Dividends Automobile Expense Supplies Expense Miscellaneous Expense
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