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Mitch Realty - journalize, post and trial balance - 12 Jan, 2014

Read the following scenario, and complete the form on the following worksheet: 

On March 1, 2012, Mitch Quade established Mitch Realty, which completed the following transactions during the month:

(a)          Mitch Quade transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $18,000.

(b)          Purchase supplies on account, $1,200.

(c)           Earned sales commission, receiving cash, $14,000.

(d)          Paid rent on office and equipment for the month, $2,800.

(e)          Paid creditor on account, $750.

(f)           Paid office salaries, $3,000.

Instructions:                                                                                                                

1. Journalize entries for transactions (a) through (f).  Omit the journal entry explanations.

2. Post the journal entries the T accounts, placing the appropriate letter to the left of each amount to identify the transactions.  Determine the account balance after all posting is complete.  Accounts containing only a single entry do not need a balance.

3. Prepare and unadjusted trial balance as of March 31, 2012.



Category : Financial Accounting

Search Keywords :
Mitch , Realty , Quade , Journalize , Post , T-account , Trial , Balance 


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Answer  - 12 Jan, 2014
Please see the excel attachment. The solution uses a template....


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