A+ TUTORIAL: AC2760 Week 2 Assignment

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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:        
          
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.

 

 

                
          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) 1,2001   (f) 2,8001   
                 
               
  Accounts Payable Rent Expense 
  (e) 750(b) 1,200 (d) 3,0001   
      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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