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