Question
On October 1 , 2 0 Y 6 , Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay
On October Y Jay Crowley established Affordable Realty, which completed the following transactions during the month:
Oct. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $
Paid rent on office and equipment for the month, $
Purchased supplies on account, $
Paid creditor on account, $
Earned sales commissions, receiving cash, $
Paid automobile expenses including rental charge for month, $ and miscellaneous expenses, $
Paid office salaries, $
Determined that the cost of supplies used was $
Paid dividends, $
Journalize entries for transactions Oct. through
Post the journal entries to the T accounts, selecting the appropriate date 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.
Prepare an unadjusted trial balance as of October Y
Determine the following:
a Amount of total revenue recorded in the ledger.
b Amount of total expenses recorded in the ledger.
c Amount of net income for October.
Determine the increase or decrease in retained earnings for October.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1 Journalize the transactions for October 1 through 9 Oct 1 Cash 32500 Common Stock 32500 To record ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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