Question

A Aa A XA O A лавьсаn hаnсех Лавьс. Аавьсас Аав 1 Nom No Sp... Heading! Heading 2 Title Find - 4 Replace - Sen Voir Paragraph Editing Obj. 1, 2, 3, 4 On October 1, 20Y6. Jay Crowley established Affordable Realty which completed the following transactions during the month: 1. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. 2. Paid rent on office and equipment for the month, 54,800. 3. Purchased supplies on account, $2,150. 4. Paid creditor on account, $1,100. 5. Earned sales commissions, receiving cash, $18,750 6. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. 7. Pald office salaries, $3,500. 8. Determined that the cost of supplies used was $1,300. 9. Paid dividends, $1,500. Instructions 2. Journalize entries for transactions (a) through ( using the following account titles: Cash, Supplies, Accounts Payable, Common Stock Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. 3. Prepare T accounts, using the account titles in (1). Post the journal 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. Accounts containing only a single entry do not need a balance. 4. Prepare an unadjusted trial balance as of October 31, 2016. 5. Determine the following: 0 I R Aga C EES 8 O o Р Н. K

Answer 1

Date Debit Credit 40000 a. 40000 4800 b. 4800 2150 C. 2150 1100 d. 1100 18750 e. Journal for transactions Account Cash Common Stock Rent expense Cash Supplies Account payable Account payable Cash Cash Sales commission Automobile expense Cash Miscellaneous expense Cash Office salaries expense Cash Supply expense Supplies Dividend Cash 18750 1580 f. 1580 800 f. 800 3500 3500 1300 h. 1300 1500 i. 1500

Date a. Cash Account Details Amount Date Common Stock 40000 b. sales commission 18750 d. f. e. f. Details Amount Rent expense 4800 Account payable 1100 Automobile expense 1580 Miscellaneous expense 800 Office salaries expense 3500 Dividend 1500 End Bal. 45470 58750 i. Total 58750 Date Common Stock Amount Date 40000 a. Details End Bal. Details Amount 40000 Cash Total Total 40000 Date 40000 Rent expense Amount Date 4800 4800 Details Details Cash Total b. Amount 4800 4800 Total

Date Amount 2150 d. 2150 Date Amount c. 1300 850 Account payable Details Amount Date Details Cash 1100 с Supplies 1050 Total 2150 Total Supplies Details Amount Date Details Account payable 2150 h. Supply expense end Bal. Total 2150 Total Sales Commission Details Amount Date Details e. Cash end Bal. 18750 Total 18750 Total Automobile expense Details Amount Date Details Cash 1580 end Bal. Total 1580 Total 2150 Date Amount 18750 18750 Date f. Amount 1580 1580

Date f. Details Cash Total Amount 800 800 Date Details Cash Total Amount 3500 3500 Miscellaneous expense Amount Date Details 800 end Bal. 800 Total Office salaries expense Amount Date Details 3500 end Bal. 3500 Total Supply expense Amount Date Details 1300 end Bal. 1300 Total Dividend Amount Date Details 1500 end Bal. 1500 Total Date h. Details Supply Total Amount 1300 1300 Date i. Details Cash Total Amount 1500 1500

Note. all accounts are balanced.