On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:

1. 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.
2. Purchased supplies on account, $1,340.
3. Earned sales commissions, receiving cash, $20,640.
4. Paid rent on office and equipment for the month, $4,540.
5. Paid creditor on account, $500.
6. Paid dividends, $1,220.
7. Paid automobile expenses (including rental charge) for month, $1,260, and miscellaneous expenses, $850.
8. Paid office salaries, $2,640.
9. Determined that the cost of supplies used was $740.

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	fill in the blank a2b0edff8fb000c_2	fill in the blank a2b0edff8fb000c_3
	Common Stock	fill in the blank a2b0edff8fb000c_5	fill in the blank a2b0edff8fb000c_6
b.	Supplies	fill in the blank a2b0edff8fb000c_8	fill in the blank a2b0edff8fb000c_9
	Accounts Payable	fill in the blank a2b0edff8fb000c_11	fill in the blank a2b0edff8fb000c_12
c.	Cash	fill in the blank a2b0edff8fb000c_14	fill in the blank a2b0edff8fb000c_15
		fill in the blank a2b0edff8fb000c_17	fill in the blank a2b0edff8fb000c_18
d.		fill in the blank a2b0edff8fb000c_20	fill in the blank a2b0edff8fb000c_21
		fill in the blank a2b0edff8fb000c_23	fill in the blank a2b0edff8fb000c_24
e.		fill in the blank a2b0edff8fb000c_26	fill in the blank a2b0edff8fb000c_27
		fill in the blank a2b0edff8fb000c_29	fill in the blank a2b0edff8fb000c_30
f.		fill in the blank a2b0edff8fb000c_32	fill in the blank a2b0edff8fb000c_33
		fill in the blank a2b0edff8fb000c_35	fill in the blank a2b0edff8fb000c_36
g.		fill in the blank a2b0edff8fb000c_38	fill in the blank a2b0edff8fb000c_39
		fill in the blank a2b0edff8fb000c_41	fill in the blank a2b0edff8fb000c_42
		fill in the blank a2b0edff8fb000c_44	fill in the blank a2b0edff8fb000c_45
h.		fill in the blank a2b0edff8fb000c_47	fill in the blank a2b0edff8fb000c_48
		fill in the blank a2b0edff8fb000c_50	fill in the blank a2b0edff8fb000c_51
i.		fill in the blank a2b0edff8fb000c_53	fill in the blank a2b0edff8fb000c_54
		fill in the blank a2b0edff8fb000c_56	fill in the blank a2b0edff8fb000c_57

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 6fb29e03cf8bfc5_2		fill in the blank 6fb29e03cf8bfc5_4
	fill in the blank 6fb29e03cf8bfc5_6		fill in the blank 6fb29e03cf8bfc5_8
			fill in the blank 6fb29e03cf8bfc5_10
			fill in the blank 6fb29e03cf8bfc5_12
			fill in the blank 6fb29e03cf8bfc5_14
Bal.	fill in the blank 6fb29e03cf8bfc5_15

Supplies
	fill in the blank 6fb29e03cf8bfc5_17		fill in the blank 6fb29e03cf8bfc5_19
Bal.	fill in the blank 6fb29e03cf8bfc5_20

Accounts Payable
	fill in the blank 6fb29e03cf8bfc5_22		fill in the blank 6fb29e03cf8bfc5_24
		Bal.	fill in the blank 6fb29e03cf8bfc5_25

Common Stock
			fill in the blank 6fb29e03cf8bfc5_27

Dividends
	fill in the blank 6fb29e03cf8bfc5_29

Sales Commissions
			fill in the blank 6fb29e03cf8bfc5_31

Rent Expense
	fill in the blank 6fb29e03cf8bfc5_33

Office Salaries Expense
	fill in the blank 6fb29e03cf8bfc5_35

Automobile Expense
	fill in the blank 6fb29e03cf8bfc5_37

Supplies Expense
	fill in the blank 6fb29e03cf8bfc5_39

Miscellaneous Expense
	fill in the blank 6fb29e03cf8bfc5_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. For those boxes in which no entry is required, leave the box blank.

Planet Realty
Unadjusted Trial Balance
August 31, 20Y7
	Debit Balances	Credit Balances
	fill in the blank bc198d05dfca044_2	fill in the blank bc198d05dfca044_3
	fill in the blank bc198d05dfca044_5	fill in the blank bc198d05dfca044_6
	fill in the blank bc198d05dfca044_8	fill in the blank bc198d05dfca044_9
	fill in the blank bc198d05dfca044_11	fill in the blank bc198d05dfca044_12
	fill in the blank bc198d05dfca044_14	fill in the blank bc198d05dfca044_15
	fill in the blank bc198d05dfca044_17	fill in the blank bc198d05dfca044_18
	fill in the blank bc198d05dfca044_20	fill in the blank bc198d05dfca044_21
	fill in the blank bc198d05dfca044_23	fill in the blank bc198d05dfca044_24
	fill in the blank bc198d05dfca044_26	fill in the blank bc198d05dfca044_27
	fill in the blank bc198d05dfca044_29	fill in the blank bc198d05dfca044_30
	fill in the blank bc198d05dfca044_32	fill in the blank bc198d05dfca044_33
	fill in the blank bc198d05dfca044_34	fill in the blank bc198d05dfca044_35

4. Determine the following:

a. Amount of total revenue recorded in the ledger. $fill in the blank 7ee8ba029fa4f9f_1

b. Amount of total expenses recorded in the ledger. $fill in the blank 7ee8ba029fa4f9f_2

c. Amount of net income for August. $fill in the blank 7ee8ba029fa4f9f_3

5. Determine the increase or decrease in retained earnings for August. $fill in the blank 7ee8ba029fa4f9f_4