Ac2760 week 2 assignment | Accounting homework help

AC 2760  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, $14,00. (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.

 

 

                               
                    Name:  
                    Section: AC2760
                               
Enter the appropriate amount or item in the shaded cells.              
An asterisk (*) will appear next to an incorrect entry in the outlined cells.        
                               
1. Journal – Mitch Realty
    Description     Debit      Credit   
  (a) Cash     18,000        
    Capital Stock           18,000  
                           
  (b) Supplies     1,200        
    Accounts Payable           1,200  
                           
  (c) Cash     1,400 *      
    Sales Commissions           1,400 *
                           
  (d) Rent Expense     2,800 *      
    Cash           2,800 *
                           
  (e) Accounts Payable     750        
    Cash           750  
                           
  (f) Office Salaries Expense     3,000 *      
    Cash           3,000 *
                               
                               
2. Ledger – Mitch Realty
                               
    Cash   Capital Stock  
    (a)   18,000 (d)   3,000         (a)   18,000   
    (c)     (e)   750                
          (f)   2,800                
          2       Sales Commission  
    Bal.                 (c)  * 1,400  
                             
                             
    Supplies   Office Salaries Expense  
    (b)   1,200 1       (f)   2,800 1      
                                
                             
    Accounts Payable   Rent Expense  
    (e)   750 (b)   1,200   (d)   3,000 1      
           Bal. 450                 
                               
                               
3. MITCH REALTY
  Unadjusted Trial Balance
  March 31, 2012
                      Debit     Credit  
    Cash                        
    Supplies             1,200        
    Accounts Payable                      
    Capital Stock                   18,000  
    Sales Commissions                      
    Rent Expense             2,800        
    Office Salaries Expense           3,000        
                               
                               

 

 

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