PROBLEM 2-2B Journal entries and trial balance Objectives 2,3,4,5 On January 2, 2006, Lela Peterson established Acadia Realty, which completed the following transactions during the month: a. Lela Peterson transferred cash from a personal bank account to an account to be used for the business, $9,000. b. Paid rent on office and equipment for the month, $2,000. c. Purchased supplies on account, $700. d. Paid creditor on account, $290. e. Eamed sales commissions, receiving cash, $10,750. f. Paid automobile expenses (including rental charge) for monch, $1,400, and miscellaneous expenses, $480. g. Paid office salaries, $2,500. h. Determined that the cost of supplies used was $575. i. Withdrew cash for personal use, $1,000. instructions 1. Joumalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Lela Peterson, Capital; Lela Peterson, Drawing; Sales Commissions; Office Salaries Expense; Rent Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted. 2. Prepare T accounts, using the account tides in (1). Post the joumal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete, for all accounts having two or more debits or credits. A memorandum balance should also be inserted in accounts having both debits and credits, in the manner illustrated in the chapter. For accounts with entries on one side only, there is no need to insert a memorandum balance in the item column. For accounts containing only a single debit and a single credit, the memorandum balance should be inserted in the appropriate item column. 3. Prepare a trial balance as of January 31,2006. 4. Determine the following: 2. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger