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Please complete the following using the instructions attached. Ur Trs stance Jeur- JOURNAL HrtHlly U440USTE TR44. ANGE ut 21, 2p16 2Sules lsye 4AIh( Fert Prers
Please complete the following using the instructions attached.
Ur Trs stance Jeur- JOURNAL HrtHlly U440USTE TR44. ANGE ut 21, 2p16 2Sules lsye 4AIh( Fert Prers * SdsLem Niusieynn Trl Fira 0.ertons amourUnlal an mMd in inier Aneat neeineae la: ug. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: Bill Hudson transferred cash from a personal bank account to Aug 1 n account to be used for the business, $30,000. Paid rent on office and equipment for the month, $3,250. 2 Purchased supplies on account, $2,150. 3 Paid creditor on account, $875. Earned sales commissions, receiving cash, $14,440. 5 Paid automobile expenses for month, $1,580, and miscellaneous expenses, $650. 6 7 Paid office salaries, $3,000. Determined that the cost of supplies used was $1,300 Withdrew cash for personal use, $2,500. Required: 1. Jounalize entries for transactions Aug. 1 through 9. Reler to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the Taccounts, selecting the appropriate date 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 August 31, 2016 4. Determine the following: Amount of total rovenue recorded the ledger Amount of total expenses recorded in the ledger. Amount of net income for August. 5. Determine the increase or decrease in owner's equity for August. Chart of Accounts CHART OF ACCOUNTS Heritage Realty General Ledger ASSETS REVENUE 41 Sales Commissions 11 Cash 12 Supplies EXPENSES LIABILITIES 51 Rent Expense 21 Accounts Payable 52 Office Salaries Expense 53 Automobile Expense EQUITY 54 Supplies Expense 31 Bill Hudson, Capital 55 Miscellaneous Expense 32 Bill Hudson, DrawingStep by Step Solution
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