On August 1, 2021, Ronald Morton established East Texas Properties, which completed the following transactions during the month. (You are not required to write descriptions for the entries.): a. Ronald Morton transferred cash form a personal bank account to an account to be used for the business in exchange for capital stock of $17,500. b. Purchased supplies on account for $2,300. c. Earned sales commissions, receiving cash of $13,300. d. Paid rent on office and equipment for the month of $3,000. e. Paid creditor on account, $1,150. f. Paid dividends of $1,800. 8. Paid automobile expenses (including rental charge) for month of $1,500, and miscellaneous expenses of $400. h. Paid office salaries of $2,800. i. Determined that the cost of supplies used was $1,050. Instructions a. Prepare journal entries for transactions x-x, using the following account titles: Sales Commissions Cash Rent Expense Supplies Accounts Payable Capital Stock Dividends Office Salaries Expenses Automobile Expense Supplies Expense Miscellaneous Expense Post the FIRST FOUR TRANSACTIONS-ONLY-to the general ledger accounts in these papers. Don't forget to post the references!
