PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. 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. b. Paid rent on office and equipment for the month, $4,800. c. Purchased supplies on account, $2,150. d. Paid creditor on account, $1,100. Earned sales commissions, receiving cash, $18,750. f. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. g. Paid office salaries, $3, h. Determined that the cost of supplies used was $1,300. e. 19,000 i. Paid dividends, $1,500. WOR 3 WO Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Sup- plies, 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, 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.
PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. 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. b. Paid rent on office and equipment for the month, $4,800. c. Purchased supplies on account, $2,150. d. Paid creditor on account, $1,100. Earned sales commissions, receiving cash, $18,750. f. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. g. Paid office salaries, $3, h. Determined that the cost of supplies used was $1,300. e. 19,000 i. Paid dividends, $1,500. WOR 3 WO Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Sup- plies, 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, 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:DeleniIle ule net IICUME Ur net 18Ss för January.
1.
PR 2-2A Journal entries and trial balance
Obj. 1, 2, 3, 4
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following
transactions during the month:
70
o12 nommoƆ
a. 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.
b. Paid rent on office and equipment for the month, $4,800.
C. Purchased supplies on account, $2,150.
d. Paid creditor on account, $1,100.
12.000
e. Earned sales commissions, receiving cash, $18,750.
f. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800.
g. Paid office salaries, $3,500.
h. Determined that the cost of supplies used was $1,300.
aniwollol or
40.00
i.
Paid dividends, $1,500.
wOR 3M WOE
Instructions
1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Sup-
plies, 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, using the account titles in (1). Post the journal entries to these
ibois 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.
Transcribed Image Text:Chapter 2 Analyzing Tran
3. Prepare an unadjusted trial balance as of October 31, 20Y6.
4. Determine the following:
Mulds
a. Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
C. Amount of net income for October.
5. Determine the increase or decrease in retained earnings for October.
PR 2-3A
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