Chat with us, powered by LiveChat []AC2760         Week 2 Assignment                           Read the following scenario, and complete the form on the following worksheet:                     On March 1, 2012, Mitch Quade established... - Wridemy
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14 Aug

[]AC2760         Week 2 Assignment                           Read the following scenario, and complete the form on the following worksheet:                     On March 1, 2012, Mitch Quade established…

Posted at 14:58h in 2014/1/11 by
AC2760                 
Week 2 Assignment              
                   
                   
Read the following scenario, and complete the form on the following worksheet:  
                   
                   
On March 1, 2012, Mitch Quade established Mitch Realty, which completed the following transactions during the month:
                   
(a) Mitch Quade transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $18,000.
(b) Purchase supplies on account, $1,200.
(c) Earned sales commission, receiving cash, $14,000.
(d) Paid rent on office and equipment for the month, $2,800.
(e) Paid creditor on account, $750.
(f) Paid office salaries, $3,000.
                   
                   
                   
Instructions:                
                   
1 Journalize entries for transactions (a) through (f).  Omit the journal entry explanations. Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.
                   
2 Post the journal entries the T accounts, placing the appropriate letter to the left of each amount to identify the transactions.  Determine the account balance after all posting is complete.  Accounts containing only a single entry do not need a balance.
                   
3

Prepare and unadjusted trial balance as of March 31, 2012.

 

                               
1. Journal – Mitch Realty
    Description      Debit       Credit   
  (a)                
                   
                           
  (b)                
                   
                           
  (c)                
                   
                           
  (d)                
                   
                           
  (e)                
                   
                           
  (f)                
                   
                               
                               
2. Ledger – Mitch Realty
                               
    Cash   Capital Stock  
    (a)     (d)             (a)       
    (c)     (e)                    
          (f)                    
                  Sales Commission  
    Bal.                 (c)       
                             
                             
    Supplies   Office Salaries Expense  
    (b)             (f)            
                                
                             
    Accounts Payable   Rent Expense  
    (e)     (b)       (d)            
           Bal.                   
                               
                               
3. MITCH REALTY
  Unadjusted Trial Balance
  March 31, 2012
                      Debit     Credit  
    Cash                        
    Supplies                      
    Accounts Payable                    
    Capital Stock                      
    Sales Commissions                    
    Rent Expense                      
    Office Salaries Expense                  
                                     –                    –  
                               

 

 

 

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