Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on august 1, 20y7, rafael masey established planet

On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during...

50.1K

Verified Solution

Question

Accounting

On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $28,000. Purchased supplies on account, $1,490. Earned sales commissions, receiving cash, $22,960. Paid rent on office and equipment for the month, $5,050. Paid creditor on account, $550. Paid dividends, $1,350. Paid automobile expenses (including rental charge) for month, $1,400, and miscellaneous expenses, $940. Paid office salaries, $2,940. Determined that the cost of supplies used was $830. Required: Question Content Area 1. Journalize entries for transactions (a) through (i), using the following account

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Essay Question: Discuss the moleculear interactions in the active site that allow the substrate to bind...

Biology
Q

provide a summary of the respiratory system from the perspective of inhaled air. Your description should...

Medical Sciences
Q

37. Give two examples of different fossil fuels currently used today? 38.Explain how voice is changed into...

Physics
Q

Choose the TRUE statement s about using oil to meet transportation needs Select all that...

Biology
Q

Label the image illustrating how preexisting stars provide the necessary elements for new solar systems...

Biology
Q

Scenario Cartech Manufacturing is engaged in the production of replacement parts for automobiles....

Accounting
Q

A partial trial balance of Windsor Corporation is as follows on December 31,2021. Additional adjusting...

Accounting
Q

Which of the following equations is used to calculate direct labor time variance? a.Direct labor...

Accounting
Q

Presented below is information for 2022 and 2021 related to the operations of Oriole Electronics....

Accounting
Q

2nd - Ch 8 Exercises Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of...

Accounting
Q

Sales revenues are usually considered recognized when good have been transferred from the seller to...

Accounting
Q

Suppose the following bond quotes for IOU Corporation appear in the financial page of today's...

Finance