Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 1, 2016, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from

image text in transcribedimage text in transcribed

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Governmental and Not for Profit Accounting

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

7th edition

9780132776073, 132776014, 978-0132776011

More Books

Students also viewed these Accounting questions

Question

List the three approaches to complex random sampling.

Answered: 1 week ago

Question

Explain what public relations is. AppendixLO1

Answered: 1 week ago

Question

What is the persons job (e.g., professor, student, clinician)?

Answered: 1 week ago

Question

what Is the class in inferval ?

Answered: 1 week ago