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

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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:        
          
1Journalize 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.
          
2Post 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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