Basic Accounting Journal Entries Exercise
Before you begin: For purposes of testing and exams it's important to make sure you not only answer exercises correctly but do so at the right speed. Use a watch or clock to time yourself while attempting this journal entries exercise.
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Q: On March 1, 2008, Giny Tyler established Seltzer Reality. Ginny completed the following transactions during the month of March:
a. Opened a business bank account with a deposit of 30,000 from personal funds.
b. Purchased supplies (pens, file folders, papers, etc.) on account, 2,650.
c. Paid creditor on account, 1,500.
d. Earned sales commissions, receiving cash, 36,750.
e. Paid rent on office and equipment for the month, 5,200.
f. Withdrew cash for personal use, 8,000.
g. Paid automobile expenses (including rental charge) for month, 2,500, and miscellaneous expenses, 1,200.
h. Paid office salaries, 9,250.
i. Determined that the cost of supplies on hand was 900; therefore, the cost of supplies used was 1,750.
Indicate the effect of each transaction.
SEE COMMENT BELOW FROM ANONYMOUS VISITOR FOR FULL SOLUTION.
Tutorials related to this question:
- Debits and Credits: What They Really Mean
- Equity Journal Tutorial
- Asset Journal Tutorial
- Drawings Journal Tutorial
- Cash Income Journal Tutorial
- Cash Expenses Journal Tutorial
- Paying a Creditor Tutorial
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