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2 1 Online teaching e Lean nment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take&inprogress-false Show Me How Calculator On October 1, 2018, Jay Crowley e d Atfordable Reaity, which completed the folowing transactions during the month Oct Jay Crowley transferred cash from a personal bank account 1 to an account to be used for the business in exchange for common stock, $40,000 2 Paid rent on office and equipment for the month, $4,800 3 Purchased supplies on account $2,50 4 Paid creditor on account, $1,100 5 Earned sales commissions, receiving cash, $18,750 6 Paid automobile expenses (including rental charge) for month $1,580, and miscellaneous expenses $800 7 Paid office salaries, $3.500 8 Determined that the cost of supplies used was $1,300 Paid dvidends, $1,500 oumalze enties for transactions Oct 1 through 9 Reter to the Chart of Accounts forexact wording of account nres 2 Post the journal entnes to the Taceniants selecting the appvropriate date to the iet of each amount to idenuidy the transactions Determine tme account balsnces ater all sng us compere Accounts comaang ony a single enry ab nat needa balance Prepare an he ste iance as or October 31, 2018 4 Determne the foiloining a Amount of tora peuenue rocardeat in ne 5o Amount of tols! aASSRcandedin the leager c Amount of net income for Octaber Check Hy 1Work bea 8 9 0 5

Explanation / Answer

1.

2.

3.

4a. Total revenue recorded in the ledger: $18750

b. Total expenses recorded in the ledger: $11980

c. Net income for October $18750 - $11980 = $6770

Date Account Titles and Explanation Debit Credit Oct. 1 Cash 40000 Common stock 40000 (To record issuance of common stock) 2 Rent expense 4800 Cash 4800 (To record rent paid) 3 Supplies 2150 Accounts payable 2150 (To record supplies purchased on account) 4 Accounts payable 1100 Cash 1100 (To record payment on account) 5 Cash 18750 Sales commissions 18750 (To record cash received for sales commissions earned) 6 Automobile expense 1580 Miscellaneous expense 800 Cash 2380 (To record expenses paid) 7 Office salaries expense 3500 Cash 3500 (To record office salaries paid) 8 Supplies expense 1300 Supplies 1300 (To record cost of supplies used) 9 Dividends 1500 Cash 1500 (To record dividends paid)

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