Reference no: EM131783777
Problem - The spreadsheet required to complete this activity is listed in the "Additional Resources" drop-down menu above. To access each resource, click on its name in the drop-down menu above.
On October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transactions during the month:
1 Cody Doerr transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $54,400.
2 Purchased supplies on account, $3,100.
3 Earned sales commissions, receiving cash, $38,080.
4 Paid rent on office and equipment for the month, $11,800.
5 Paid creditor on account, $1,850.
6 Paid dividends, $9,300.
7 Paid automobile expenses (including rental charge) for month, $4,680, and miscellaneous expenses, $1,250.
8 Paid office salaries, $9,630.
9 Determined that the cost of supplies used was $2,230.
Required -
1. Journalize entries for transactions (1) through (9).
2. Prepare an unadjusted trial balance as of October 31, 2010.
3. Prepare T accounts.
4. Determine the following:
a. Amount of total revenues recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
c. Amount of net income for October.