Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a
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, $26,000. b. Purchased supplies on account, $1,440. c. Earned sales commissions, receiving cash, $22,100. d. Paid rent on office and equipment for the month, $4,860. e. Paid creditor on account, $530. f. Paid cash to owner for personal use, $1,300. g. Paid automobile expenses (including rental charge) for month, $1,350, and miscellaneous expenses, $910. h. Paid office salaries, $2,830. i. Determined that the cost of supplies used was $800. Required: for 1. Journalize entries or transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Rafael Masey, Capital; Rafael Masey, Drawin Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; and Miscellaneous Expense. If an amount box does not require an entry, leave it blank. a. Accounts Payable Accounts Payable X b. Accounts Payable Accounts Payable C. Cash Cash X d. Accounts Payable Accounts Payable X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started