n October 1, 2018, Jay Crowley established Affordable Realty, which completed th

Question

n October 1, 2018, 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, $27,000. b. Paid rent on office and equipment for the month, $5,110. c. Purchased supplies on account, $1,510. d. Paid creditor on account, $560. e. Earned sales commissions, receiving cash, $23,220. f. Paid automobile expenses (including rental charge) for month, $1,420, and miscellaneous expenses, $950. g. Paid office salaries, $2,970. h. Determined that the cost of supplies used was $840. i. Paid dividends, $1,370. Required: 1. Journalize entries for transactions (a) through (i) (in chronological order), 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. For a compound transaction, if an amount box does not require an entry, leave it blank. a.

Explanation / Answer

a Cash 27000 Common Stock 27000 b Rent Expense 5110 Cash 5110 c Supplies 1510 Accounts Payable 1510 d Accounts Payable 560 Cash 560 e Cash 23220 Sales Commissions 23220 f Automobile Expense 1420 Miscellaneous Expense 950 Cash 2370 g Office Salaries Expense 2970 Cash 2970 h Supplies Expense 840 Supplies 840 i Dividends 1370 Cash 1370

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