Reference no: EM132380345

Question

Selected transactions for Polland Real Estate Agency during its first month of business follow:

June 1 Samantha Polland opened Polland Real Estate Agency with an investment of $13,920 cash and $3,140 of equipment.

2 Paid $1,270 for a one-year insurance policy.

3 Purchased additional equipment for $4,990, paying $720 cash and signing a note payable for the balance.

10 Received $365 cash as a fee for renting an apartment.

16 Sold a house and lot to B. Rollins. The commission due from Rollins is $7,850. (It is not paid by Rollins at this time).

27 Paid $735 for advertising during June.

29 Received an $70 bill for telephone service during the month of June. (The bill is paid in July.)

30 Paid an administrative assistant $2,120 in salary for June.

30 Received $7,850 cash from B. Rollins for the June 16 transaction.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

a) Make the transactions for June in the journal. Here are the list of all the accounts to aid in making the transactions in the journal:

A. Mawani, Capital

A. Mawani, Drawings

Accounts Payable

Accounts Receivable

Building

Cash

Equipment

Fees Earned

Insurance Expense

Interest Expense

Interest Revenue

Land

No Entry

Notes Payable

Notes Receivable

Prepaid Insurance

Salaries Expense

Salaries Payable

b) Make the T-accounts. Don't forget to format the totals with the date followed by Balance. For example June 4 Bal.

c) Make the trial balance.