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, $30,000.

Purchased supplies on account, $1,640.

Earned sales commissions, receiving cash, $25,200.

Paid rent on office and equipment for the month, $5,540.

Paid creditor on account, $600.

Paid dividends, $1,490.

Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $1030.

Paid office salaries, $3,230.

Determined that the cost of supplies used was $910.

Required:

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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.

Transaction	Account	Debit	Credit
a.	Accounts PayableAccounts ReceivableCashCommon StockDividends	a.	a.
	Accounts PayableAccounts ReceivableCashCommon StockDividends	- Select -	- Select -
b.	Accounts PayableCashCommon StockSuppliesSupplies Payable	b.	b.
	Accounts PayableCashCommon StockSuppliesSupplies Payable	- Select -	- Select -
c.	CashCommon StockMiscellaneous ExpenseSales CommissionsUnearned Sales Commissions	c.	c.
	CashCommon StockMiscellaneous ExpenseSales CommissionsUnearned Sales Commissions	- Select -	- Select -
d.	Accounts PayableCashPrepaid RentRent ExpenseRent Payable	d.	d.
	Accounts PayableCashPrepaid RentRent ExpenseRent Payable	- Select -	- Select -
e.	Accounts PayableAccounts ReceivableCashDividendsMiscellaneous Expense	e.	e.
	Accounts PayableAccounts ReceivableCashDividendsMiscellaneous Expense	- Select -	- Select -
f.	Accounts PayableCashDividendsOffice Salaries ExpenseOffice Salaries Payable	f.	f.
	Accounts PayableCashDividendsOffice Salaries ExpenseOffice Salaries Payable	- Select -	- Select -
g.	Accounts PayableAccounts ReceivableAutomobile ExpenseCashCommon Stock	g.	g.
	Accounts PayableAccounts ReceivableCashCommon StockMiscellaneous Expense	- Select -	- Select -
	Accounts PayableAutomobile ExpenseCashCommon StockMiscellaneous Expense	- Select -	- Select -
h.	Accounts PayableAccounts ReceivableCashOffice Salaries ExpenseOffice Salaries Payable	h.	h.
	Accounts PayableAccounts ReceivableCashOffice Salaries ExpenseOffice Salaries Payable	- Select -	- Select -
i.	Accounts PayableCashCommon StockSupplies ExpenseSupplies	i.	i.
	Accounts PayableCashCommon StockSupplies ExpenseSupplies	- Select -	- Select -

Question Content Area

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

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 1 of 41 a.b.e.f.g.h.i.	fill in the blank 2 of 41	fill in the blank 3 of 41 a.b.c.d.i.	fill in the blank 4 of 41
fill in the blank 5 of 41 b.c.f.g.h.i.	fill in the blank 6 of 41	fill in the blank 7 of 41 a.b.c.e.i.	fill in the blank 8 of 41
		fill in the blank 9 of 41 a.b.c.f.i.	fill in the blank 10 of 41
		fill in the blank 11 of 41 a.b.c.g.i.	fill in the blank 12 of 41
		fill in the blank 13 of 41 a.b.c.h.i.	fill in the blank 14 of 41
Bal.	fill in the blank 15 of 41

Supplies

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 16 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 17 of 41	fill in the blank 18 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 19 of 41
Bal.	fill in the blank 20 of 41

Accounts Payable

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 21 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 22 of 41	fill in the blank 23 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 24 of 41
		Bal.	fill in the blank 25 of 41

Common Stock

Transaction	Debit amount	Transaction	Credit amount
		fill in the blank 26 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 27 of 41

Dividends

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 28 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 29 of 41

Sales Commissions

Transaction	Debit amount	Transaction	Credit amount
		fill in the blank 30 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 31 of 41

Rent Expense

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 32 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 33 of 41

Office Salaries Expense

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 34 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 35 of 41

Automobile Expense

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 36 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 37 of 41

Supplies Expense

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 38 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 39 of 41

Miscellaneous Expense

Transaction	Debit amount	Transaction	Credit amount
fill in the blank 40 of 41 a.b.c.d.e.f.g.h.i.	fill in the blank 41 of 41

Question Content Area

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

Account	Debit Balances	Credit Balances
Accounts PayableAutomobile ExpenseCashCommon StockDividends	- Select -	- Select -
DividendsOffice Salaries ExpenseRent ExpenseSupplies ExpenseSupplies	- Select -	- Select -
Accounts PayableAutomobile ExpenseCashCommon StockMiscellaneous Expense	- Select -	- Select -
CashCommon StockDividendsOffice Salaries ExpenseSupplies	- Select -	- Select -
CashDividendsMiscellaneous ExpenseOffice Salaries ExpenseRent Expense	- Select -	- Select -
CashRent ExpenseSales CommissionsSupplies ExpenseSupplies	- Select -	- Select -
Common StockDividendsRent ExpenseSales CommissionsSupplies	- Select -	- Select -
Common StockDividendsOffice Salaries ExpenseSales CommissionsSupplies	- Select -	- Select -
Accounts PayableAutomobile ExpenseCashCommon StockDividends	- Select -	- Select -
Common StockDividendsSales CommissionsSupplies ExpenseSupplies	- Select -	- Select -
Common StockDividendsMiscellaneous ExpenseSales CommissionsSupplies	- Select -	- Select -
Total	Total	Total

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4. Determine the following:

a. Amount of total revenue recorded in the ledger. fill in the blank 1 of 1$

b. Amount of total expenses recorded in the ledger. fill in the blank 1 of 1$

c. Amount of net income for August. fill in the blank 1 of 1$

5. Determine the increase or decrease in retained earnings for August. fill in the blank 1 of 1$

IncreaseDecrease