engageNowv2] Online teach ?? Thread https//v2.cengagenow.co Paper Journal Entrie

Question

engageNowv2] Online teach ?? Thread https//v2.cengagenow.co Paper Journal Entries and Trial Balance On August 1, 2018, Rafael Masey established Planet Realty, which completed the following transactions duning the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $17,500 b. Purchased supplies on account, $2,300. c. Earned sales commissions, receiving cash, $13,300. d. Paid rent on office and equipment for the month, $3,00o. e. Paid creditor on account, $1,150. f. Paid dividends, $1,800. o. Paid automobile expences (including rental charge) for month, s1.500. and miscellaneous exo enses, $400 h. Paid office salaries, $2,800. i. Determined that the cost of supplies used was $1,050 Required 1· Journalize entries for transactions (a) through (i. usng the folowing account titles Cash, Supplies, accounts payable, common stock, Dvdents, Sales Commissions, Rent Expense, Office Salanes Expense, Automobile Expense, supplies Expense, Mscelaneous Expense. For a compound transaction, if an amount box does not require an entry, leave it blank ? ) 17.500 a. Cash 2.300 V b. 13,300 cash

Explanation / Answer

Decrease or increase in retained earnings for august

Initial Investment 17500 Add: Excess of net income 4550 Less: Withdwrals 1800 Increase in retained earnings 20250

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