On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700. 2 Paid rent on office and equipment for the month, $2,250. 3 Purchased supplies on account, $2,300. 4 Paid creditor on account, $840. 5 Earned sales commissions, receiving cash, $14,500. 6 Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $590. 7 Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,350. 9 Paid dividends, $2,300. 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of October 31, 20Y6. 4. 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.

Particulars         Debit           Credit

Equity                                 29,700.00  

cash            35,180.00  

Rent             2,250.00  

Inventory               950.00  

Accounts Payable                1,460.00  

Sales                               14,500.00  

MV Expense    1,630.00  

Salaries          2,000.00  

Cost of Sales  1,350.00  

Dividends 2,300.00        

Totals         45,660.00         45,660.00  

Explanation:

1. Journal Entries

Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700.  

Dr Cash29,700

Cr  Common Stock29,700

2 Paid rent on office and equipment for the month, $2,250.  

Dr. Rent2,250

Cr Cash2,250

3.  Purchased supplies on account, $2,300.  

Dr Inventory2,300

Cr . Account Payables2,300

4 Paid creditor on account, $840.  

Dr Account Payable840

Cr Cash840

5 Earned sales commissions, receiving cash, $14,500.

Dr Cash14,500

Cr . Sales           14,500

6 Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $590.  

Motor Vehicle Expenses1,630

Cash1,630

7 Paid office salaries, $2,000.

Dr Salaries2000

Cr Cash2000

8 Determined that the cost of supplies used was $1,350.

Dr. Cost of Sales1,350

Cr. Inventory1,350

9 Paid dividends, $2,300.

Dr. Dividends 2,300

Cr   Cash2,300

2.Accounts Balances

Equity  29,700.00  

Cash  35,180.00  

Rent  2,250.00  

Inventory  950.00  

Accounts Payable  1,460.00  

Sales  14,500.00  

MV Expense  1,630.00  

Salaries  2,000.00  

Cost of Sales  1,350.00  

Dividends  2,300.00  

3. Adjusted Trial Balance

Particulars         Debit           Credit

Equity                                 29,700.00  

cash            35,180.00  

Rent             2,250.00  

Inventory               950.00  

Accounts Payable                1,460.00  

Sales                               14,500.00  

MV Expense    1,630.00  

Salaries          2,000.00  

Cost of Sales  1,350.00  

Dividends 2,300.00        

Totals         45,660.00         45,660.00  

4.   . Determine the following:

a. Amount of total revenue = 14,500

b. Amount of total expenses.

Rent          2,250.00    

MV Expense    1,630.00  

Salaries          2,000.00  

Cost of Sales  1,350.00  

Dividends 2,300.00

Total                9,530.00

c. Amount of net income for October.

Net = 14,500 - 9530 = 4,970

5. Determine the increase or decrease in retained earnings for October.

Since this is a new business, the amount of Net-income is the net increase in retained earnings = 4,970.

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