Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2019, Bernard established Bernard Realty Co., which completed the following transactions during the month: a. Bernard transferred cash from a personal bank
On January 1, 2019, Bernard established Bernard Realty Co., which completed the following transactions during the month: a. Bernard transferred cash from a personal bank account to an account to be used for the business in exchange for share capital - ordinary, $23,500. b. Paid rent on office and equipment for the month, $4,000. c. Purchased supplies on account, $1,800. d. Paid creditor on account, $675. e. Earned sales commissions, receiving cash, $16,750. f. Paid automobile expenses (including rental charge) for month, $1,000, and miscellaneous expenses, $800. g. Paid office salaries, $2,150. h. Determined that the cost of supplies used was $925. i. Paid dividends, $1,600. You are required to: 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Share Capital - Ordinary, Dividends, Sales Commissions, Rent Expenses, Office Salaries Expense, Automobile Expenses, Supplies Expense, Miscellaneous Expense. Explanation may be omitted. 2. Determine the following: a. Amount of total revenue recorded for January b. Amount of total expenses recorded for January Amount of net profit for January C
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