2023 On March 1 2012 Mitch Quade established Mitch Realty which completed the following transactions during the month | Assignments Online

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. Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.

  

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.