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On October 1, 2016, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from
On October 1, 2016, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $31,500. 2 Paid rent on office and equipment for the month, $2,450. 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $860. 5 Earned sales commissions, receiving cash, $16,430. 6 Paid automobile expenses (including rental charge) for month, $1,650, and miscellaneous expenses, $690. 7 Paid office salaries, $2,200. 8 Determined that the cost of supplies used was $1,100. 9 Paid dividends, $3,600. 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. 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 3. Prepare an unadjusted trial balance as of October 31, 2016. 4. Determine the following: a. Amount of total revenue recorded in the ledger.
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