On October 1, 2015, Jay Crowley established Affordable Realty, which completed the following transactions during...
80.2K
Verified Solution
Link Copied!
Question
Accounting
On October 1, 2015, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $30,000. b. Paid rent on office and equipment for the month, $5,680. c. Purchased supplies on account, 51,680. d. Paid creditor on account, $620. e. Earned sales commissions, receiving cash, $25,800. 1. Paid automobil expenses (including rental charge) for month, 51,570, and miscellaneous expenses, $1060. 9. Paid office salaries, $3,300. h. Determined that the cost of supplies used was $930. 1. Pald dividends, $1,520. c. d. e. h. Affordable Realty Unadjusted Trial Balance October 31, 2018 Debit Balances Credit Balances 4. As a result of the January transactions (2-1), determine the following: 2. Amount of total revenue recorded in the ledger b. Amount of total expenses recorded in the ledger 4. As a result of the January transactions (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 October. 5. Determine the increase or decrease in retained earnings for October
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!
