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PR 2-2A Journal entries and trial balance On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month: a.
PR 2-2A Journal entries and trial balance On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month: a. Faith Schultz transferred cash from a personal bank account to an account to be used for the business, $20,000. b. Paid rent on office and equipment for the month, $3,750. c. Purchased supplies on account, $1,100. d. Paid creditor on account, $400. e. Earned sales commissions, receiving cash, $16,750. f. Paid automobile expenses (including rental charge) for month, $1,000, and miscellaneous expenses, $700. g. Paid office salaries, $2,150. h. Determined that the cost of supplies used was $600. i. Withdrew cash for personal use, $1,000. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Faith Schultz, Capital; Faith Schultz, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted
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