Journal Entries and Trial Balance On August 1, 2017, Rafael Masey established Planet Realty, which completed the following transactions during the month:
a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $18,000.
b. Purchased supplies on account, $990.
c. Earned sales commissions, receiving cash, $15,300.
d. Paid rent on office and equipment for the month, $3,370.
e. Paid creditor on account, $370.
f. Paid dividends, $900.
g. Paid automobile expenses (including rental charge) for month, $930, and miscellaneous expenses, $630.
h. Paid office salaries, $1,960.
i. Determined that the cost of supplies used was $550.
Required:
1. Journalize entries for transactions (a) through (1), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock,
Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. If an
amount box does not require an entry, leave it blank.
b.
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Belstone, inc. is a merchandiser of stone ornaments. it sold 15,000 units during the year. the company has provided the following information: sales revenue $ 520,000 purchases (excluding freight in) 338,500 selling and administrative expenses 32,000 freight in 15,000 beginning merchandise inventory 43,000 ending merchandise inventory 58,500 how much is the gross profit for the year?

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Three pounds of material a are required for each unit produced. the company has a policy of maintaining a stock of material a on hand at the end of each quarter equal to 30% of the next quarter's production needs for material a. a total of 35,000 pounds of material a are on hand to start the year. budgeted purchases of material a for the second quarter would be: