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Part II: Journal Entries for Business Transactions 30 Points Post Journal Entries to General Ledger Accounts (only 4 entries) On August 1, 2021, Summer
Part II: Journal Entries for Business Transactions 30 Points Post Journal Entries to General Ledger Accounts (only 4 entries) On August 1, 2021, Summer James established Texas Realty, which completed the following transactions during the month. (You are not required to write descriptions for the entries.): Aug 1 - Summer James transferred cash form a personal bank account to an account to be used for the business in exchange for common stock of $17,500. Aug 2 - Purchased supplies on account for $2,300. Aug 5 - Earned sales commissions, receiving cash of $13,300. Aug 6 - Paid rent on office and equipment for the month of $3,000. Aug 12 - Paid creditor on account, $1,150. Aug 31 - Paid dividends of $1,800. Aug 31 - Paid automobile expenses for month of $1,500, and miscellaneous expenses of $400. Aug 31 - Paid office salaries of $2,800. Aug 31 - Determined that the cost of supplies used was $1,050. Instructions a. Prepare journal entries for the transactions above, using the following account titles: Cash Supplies Accounts Payable Common Stock Dividends Sales Commissions Earned Rent Expense Office Salaries Expenses Automobile Expense Supplies Expense Miscellaneous Expense b. Post the FIRST FOUR TRANSACTIONS (ONLY) to the general ledger accounts in these papers and update the account balances. DATE General Journal PAGE POST ACCOUNT TITLE REF. DEBIT CREDIT ACCOUNT Cash DATE GENERAL LEDGER FORM ACCOUNT NO. 101 ITEM POST REF BALANCE DEBIT CREDIT DEBIT CREDIT ACCOUNT Supplies ACCOUNT NO. 120 DATE ITEM POST REF BALANCE DEBIT CREDIT DEBIT CREDIT ACCOUNT Accounts Payable POST DATE ITEM DEBIT CREDIT REF ACCOUNT NO. 210 BALANCE DEBIT CREDIT
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