Instructions:
Prepare T-accounts, and Journal to post the entries into the appropriate accounts. Determine balances
after all entries are posted.
Transactions information:
a) Issued capital stock for $16,000.
b) Paid rent on office building for the month, $3,000.
c) Purchased supplies on account, $1,200.
d) Paid creditor on account, $800.
e) Earned sales commissions and sent invoices to customers, $22,500.
f) Paid automobile expenses for month, $2,900, and miscellaneous expenses, $1,450.
g) Paid office salaries, $4,200.
h) Determined the cost of supplies used was $960.
i) Paid cash dividends, $1,400.
