Problem: On march 1 2006, Tim Cochran established star realty, which completed the following transactions during the month:
a. Tim Cochran transferred cash from a personal bank accound to an account to be used for the business, 12,000
b- purchased supplies on account, 850
c earned sales commissions, receiving cash, 12,600
d paid rent on office and equipmnt for the month, 2,000
e paid creditor on account, 450
f withdrew cash for personal use 1,500
g paid automobile expenses( including rental charge) for month, 1,700 and miscellaneous expenses, 375.00
h paid office salaries 3,000
i determined that the cost of supplies used was 605
Using a blank form, journalize entries for transactions (a) through (i), using the following account titles: cash, supplies, accounts payable, Tim Cochran Capital, Tim Cochran drawing, sales commisions, rent expense, office salaries expense, auto expense, supplies expense, misc expense, journal entry explanations may be omitted
Using t accounts, post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transaction.
Prepare a trial balance as of March 31, 2006
Determine the following
a- amount of total revenue recorded in the ledger
b-amount of total expenses recored in the ledger
c-amount of net income for march