Question
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
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, $22,000. Purchased supplies on account, $1,190. Earned sales commissions, receiving cash, $18,260. Paid rent on office and equipment for the month, $4,020. Paid creditor on account, $440. Paid dividends, $1,080. Paid automobile expenses (including rental charge) for month, $1,110, and miscellaneous expenses, $750. Paid office salaries, $2,340. Determined that the cost of supplies used was $660. 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. a. Cash Cash Cash - Select - - Select - b. - Select - - Select - - Select - - Select - c. - Select - - Select - - Select - - Select - d. - Select - - Select - - Select - - Select - e. - Select - - Select - - Select - - Select - f. - Select - - Select - - Select - - Select - g. - Select - - Select - - Select - - Select - - Select - - Select - h. - Select - - Select - - Select - - Select - i. - Select - - Select - - Select - - Select - 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. Cash fill in the blank 15033ff4fff701c_2 fill in the blank 15033ff4fff701c_4 fill in the blank 15033ff4fff701c_6 fill in the blank 15033ff4fff701c_8 fill in the blank 15033ff4fff701c_10 fill in the blank 15033ff4fff701c_12 fill in the blank 15033ff4fff701c_14 Bal. fill in the blank 15033ff4fff701c_15 Supplies fill in the blank 15033ff4fff701c_17 fill in the blank 15033ff4fff701c_19 Bal. fill in the blank 15033ff4fff701c_20 Accounts Payable fill in the blank 15033ff4fff701c_22 fill in the blank 15033ff4fff701c_24 Bal. fill in the blank 15033ff4fff701c_25 Common Stock fill in the blank 15033ff4fff701c_27 Dividends fill in the blank 15033ff4fff701c_29 Sales Commissions fill in the blank 15033ff4fff701c_31 Rent Expense fill in the blank 15033ff4fff701c_33 Office Salaries Expense fill in the blank 15033ff4fff701c_35 Automobile Expense fill in the blank 15033ff4fff701c_37 Supplies Expense fill in the blank 15033ff4fff701c_39 Miscellaneous Expense fill in the blank 15033ff4fff701c_41 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. Planet Realty Unadjusted Trial Balance August 31, 20Y7 Debit Balances Credit Balances - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - fill in the blank 992286075076ffd_34 fill in the blank 992286075076ffd_35 4. Determine the following: a. Amount of total revenue recorded in the ledger. $fill in the blank 48d5a7feb04f00a_1 b. Amount of total expenses recorded in the ledger. $fill in the blank 48d5a7feb04f00a_2 c. Amount of net income for August. $fill in the blank 48d5a7feb04f00a_3 5. Determine the increase or decrease in retained earnings for August. $fill in the blank
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