JOURNAL ACCOUNTING EQUATION       DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1                 2                 3                 4                 5                 6                 7                 8                 9                 10                 11                 12                 13                 14                 15                 16                 17                 18                 19

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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JOURNAL
ACCOUNTING EQUATION
 
 
  DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
 
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
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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.
Paid rent on office and equipment for the month, $2,250.
Purchased supplies on account, $2,300.
Paid creditor on account, $840.
2
3
4
5 Earned sales commissions, receiving cash, $14,500.
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.
Paid dividends, $2,300.
6
9
Transcribed Image Text: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. Paid rent on office and equipment for the month, $2,250. Purchased supplies on account, $2,300. Paid creditor on account, $840. 2 3 4 5 Earned sales commissions, receiving cash, $14,500. 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. Paid dividends, $2,300. 6 9
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