Reference no: EM13977845

journal entries and trail balance

On January 1,2014, Alicia Masingale established Leopard Realty, which completed the following transations during the month:

A. Alicia Masingale transferred cash from a personal bank ACCOUNT to an account to be used for the business,23500.

B. Paid rent on office and equipment for the month, 4000.

C. Purchased supplies on account, 1800.

D. Paid creditor on account, 675.

E. Earned sales commissions , receiving cash, 16750.

F. Paid automobile expenses(including rental charge) for month 1000.00 and miscellaneous expenses 800.

G. Paid office salaries, 2150.

H. Determined that the cost of supplies used was 925.

I. Withdrew cash for personal use, 1600.

REQUIRED:

1. JOURNALIZE entries for transactiona (a) through (i) in chronological order, using the following account titles: Cash; Supplies; Accounts Payable; Alicia Masingale, Capital; Alicia Masingale,

DRAWING; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. For a compound transation, if an amount box does not require an entry, leave it blank.

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2. Post the journal entries to these T-ACCOUNTS, selecting the appropriate letter to the left of each amount to identify the transactions. Determine the account balances (when required), after all POSTING is complete, for all accounts having two or more debits or credits.

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3. Perpare an UNADJUSTED trial BALANCE as of January 31,2014. For those boxes in which no entry is required, leave the box blank.

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4.As a result of the January transations (a-i), determine the following:

A. Amount of total REVENUE recorded in the LEDGER.___________.

B.Amount of total EXPENSES recorded in the ledger._____________.

C.Amount of net income for January._____________.

5. Assuming a beginning balance of zero, determine the total increase or decrease in OWNER"S EQUITY for January.