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AC2760 Week 2 Assignment




AC 2760 Week 2 Assignment;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, $14,00.;(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.;Name;Section: AC2760;Enter the appropriate amount or item in the shaded cells.;An asterisk (*) will appear next to an incorrect entry in the outlined cells.;1. Journal - Mitch Realty;Description Debit Credit;(a) Cash 18,000;Capital Stock 18,000;(b) Supplies 1,200;Accounts Payable 1,200;(c) Cash 1,400 *;Sales Commissions 1,400 *;(d) Rent Expense 2,800 *;Cash 2,800 *;(e) Accounts Payable 750;Cash 750;(f) Office Salaries Expense 3,000 *;Cash 3,000 *;2. Ledger - Mitch Realty;Cash Capital Stock;(a) 18,000 (d) 3,000 (a) 18,000;(c) (e) 750;(f) 2,800;2 Sales Commission;Bal. (c) * 1,400;Supplies Office Salaries Expense;(b) 1,200 1 (f) 2,800 1;Accounts Payable Rent Expense;(e) 750 (b) 1,200 (d) 3,000 1;Bal. 450;3. MITCH REALTY;Unadjusted Trial Balance;March 31, 2012;Debit Credit;Cash;Supplies 1,200;Accounts Payable;Capital Stock 18,000;Sales Commissions;Rent Expense 2,800;Office Salaries Expense 3,000


Paper#76532 | Written in 18-Jul-2015

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