# Journal Entries and Trial Balance## 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** - $4,800. _Journal Entry:_ Cash - Cr., Rent + Dr.3. **Purchased supplies on account** - $2,150. _Journal Entry:_ A/P + Cr., Supplies - Asset + Dr.4. **Paid creditor on account** - $1,100. _Journal Entry:_ Cash - Cr., A/P + Dr.5. **Earned sales commissions (receiving cash)** - $18,750. _Journal Entry:_ Cash + Dr., Sales Comm Exp - Cr.6. **Paid automobile expenses (including rental charge) for the month** - $1,580, and miscellaneous expenses $800. _Journal Entry:_ Cash - Cr., Auto Exp + Dr., Misc. Exp + Dr.7. **Paid office salaries** - $3,500. _Journal Entry:_ Cash - Cr., Sal + Dr.8. **Determined that the cost of supplies used was** $1,300.9. **Paid dividends** - $1,500. _Journal Entry:_ Cash - Cr., Dividends + Dr.## Instructions### 1. Journalize Entries- Journalize entries for transactions (a) through (i), 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.### 2. Prepare T Accounts- Use 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. Prepare an unadjusted trial balance as of October 31, 20Y6.### 3. Determine the Following- The instructions do not specify what needs to be determined, but this line implies that learners should identify financial outcomes

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Description: # Journal Entries and Trial Balance## 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

Journal:- These are prepared by the companies with debit and credit side in order to match the…

Business

Accounting

- Journalize entries for transactions (a) through (i), 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. 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. Prepare an unadjusted trial balance as of October 31, 20Y6. etermine the following:

- Journalize entries for transactions (a) through (i), 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. 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. Prepare an unadjusted trial balance as of October 31, 20Y6. etermine the following:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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# Journal Entries and Trial Balance

## 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** - $4,800.
_Journal Entry:_ Cash - Cr., Rent + Dr.
3. **Purchased supplies on account** - $2,150.
_Journal Entry:_ A/P + Cr., Supplies - Asset + Dr.
4. **Paid creditor on account** - $1,100.
_Journal Entry:_ Cash - Cr., A/P + Dr.
5. **Earned sales commissions (receiving cash)** - $18,750.
_Journal Entry:_ Cash + Dr., Sales Comm Exp - Cr.
6. **Paid automobile expenses (including rental charge) for the month** - $1,580, and miscellaneous expenses $800.
_Journal Entry:_ Cash - Cr., Auto Exp + Dr., Misc. Exp + Dr.
7. **Paid office salaries** - $3,500.
_Journal Entry:_ Cash - Cr., Sal + Dr.
8. **Determined that the cost of supplies used was** $1,300.
9. **Paid dividends** - $1,500.
_Journal Entry:_ Cash - Cr., Dividends + Dr.

## Instructions

### 1. Journalize Entries
- Journalize entries for transactions (a) through (i), 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.

### 2. Prepare T Accounts
- Use 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. Prepare an unadjusted trial balance as of October 31, 20Y6.

### 3. Determine the Following
- The instructions do not specify what needs to be determined, but this line implies that learners should identify financial outcomes

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