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On August $1,20$Y$7,$ Rafael Masey established Planet Realty, which completed the following transactions during the month:

Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $$28,000.$

Purchased supplies on account, $$1,510.$

Earned sales commissions, receiving cash, $$23,240.$

Paid rent on office and equipment for the month, $$5,110.$

Paid creditor on account, $$560.$

Paid dividends, $$1,370.$

Paid automobile expenses $($including rental charge$)$ for month, $$1,420,$ and miscellaneous expenses, $$950.$

Paid office salaries, $$2,970.$

Determined that the cost of supplies used was $$840.$

Required:

Question Content Area

$1.$ 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. If an amount box does not require an entry, leave it blank.

TransactionAccountDebitCredit

a$.$

b$.$

c$.$

d$.$

e$.$

f$.$

g$.$

h$.$

i$.$

Question Content Area

$2.$ Prepare T accounts, using the account titles in $(1).$ Post $($in chronological order$)$ the journal entries to these accounts, selecting 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.

Cash

Transaction Debit amount Transaction Credit amount

fill in the blank $1$ of $41$

fill in the blank $2$ of $41$

fill in the blank $3$ of $41$

fill in the blank $4$ of $41$

fill in the blank $5$ of $41$

fill in the blank $6$ of $41$

fill in the blank $7$ of $41$

fill in the blank $8$ of $41$

fill in the blank $9$ of $41$

fill in the blank $10$ of $41$

fill in the blank $11$ of $41$

fill in the blank $12$ of $41$

fill in the blank $13$ of $41$

fill in the blank $14$ of $41$

Bal. fill in the blank $15$ of $41$

Supplies

Transaction Debit amount Transaction Credit amount

fill in the blank $16$ of $41$

fill in the blank $17$ of $41$

fill in the blank $18$ of $41$

fill in the blank $19$ of $41$

Bal. fill in the blank $20$ of $41$

Accounts Payable

Transaction Debit amount Transaction Credit amount

fill in the blank $21$ of $41$

fill in the blank $22$ of $41$

fill in the blank $23$ of $41$

fill in the blank $24$ of $41$

Bal. fill in the blank $25$ of $41$

Common Stock

Transaction Debit amount Transaction Credit amount

fill in the blank $26$ of $41$

fill in the blank $27$ of $41$

Dividends

Transaction Debit amount Transaction Credit amount

fill in the blank $28$ of $41$

fill in the blank $29$ of $41$

Sales Commissions

Transaction Debit amount Transaction Credit amount

fill in the blank $30$ of $41$

fill in the blank $31$ of $41$

Rent Expense

Transaction Debit amount Transaction Credit amount

fill in the blank $32$ of $41$

fill in the blank $33$ of $41$

Office Salaries Expense

Transaction Debit amount Transaction Credit amount

fill in the blank $34$ of $41$

fill in the blank $35$ of $41$

Automobile Expense

Transaction Debit amount Transaction Credit amount

fill in the blank $36$ of $41$

fill in the blank $37$ of $41$

Supplies Expense

Transaction Debit amount Transaction Credit amount

fill in the blank $38$ of $41$

fill in the blank $39$ of $41$

Miscellaneous Expense

Transaction Debit amount Transaction Credit amount

fill in the blank $40$ of $41$

fill in the blank $41$ of $41$

Question Content Area

$3.$ Prepare an unadjusted trial balance as of August $31,20$Y$7.$ List all accounts in the order of Assets, Liabilities, Stockholders$$ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank.

Planet Realty

Unadjusted Trial Balance

August $31,20$Y$7$

Account Debit Balances Credit Balances

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Total Total

Total

Question Content Area

$4.$ Determine the following:

a$.$ Amount of total revenue recorded in the ledger.

fill in the blank $1$ of $1$$

b$.$ Amount of total expenses recorded in the ledger.

fill in the blank $1$ of $1$$

c$.$ Amount of net income for August.

fill in the blank $1$ of $1$$

$5.$ Determine the increase or decrease in retained earnings for August.

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