Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $42,000 from personal funds. b. Purchased office supplies on account, $3,370. c. Received cash from fees earned for managing rental property, $9,550. d. Paid rent on office and equipment for the month, $4,130. e. Paid creditors on account, $1,530. f. Billed customers for fees earned for managing rental property, $7,640. g. Paid automobile expenses (including rental charges) for the month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,900. i. Determined that the cost of supplies on hand was $1,990; therefore, the cost of supplies used was $1,380. j. Withdrew cash for personal use, $2,750. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets %3D Llabilities Owner's Equlty Chad Chad Accounts Accounts Fees Rent Salarie Cash Supplies Wilson, Wilson, %3D Item Earned Expense Expens Receivable Payable Capital Drawing 42,000 a. 42,000 3,370 3,370 b. Next Check My Work 3 more Check My Work uses remaining. thmit Assignment for Gradir
Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $42,000 from personal funds. b. Purchased office supplies on account, $3,370. c. Received cash from fees earned for managing rental property, $9,550. d. Paid rent on office and equipment for the month, $4,130. e. Paid creditors on account, $1,530. f. Billed customers for fees earned for managing rental property, $7,640. g. Paid automobile expenses (including rental charges) for the month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,900. i. Determined that the cost of supplies on hand was $1,990; therefore, the cost of supplies used was $1,380. j. Withdrew cash for personal use, $2,750. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets %3D Llabilities Owner's Equlty Chad Chad Accounts Accounts Fees Rent Salarie Cash Supplies Wilson, Wilson, %3D Item Earned Expense Expens Receivable Payable Capital Drawing 42,000 a. 42,000 3,370 3,370 b. Next Check My Work 3 more Check My Work uses remaining. thmit Assignment for Gradir
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 7SEB: STATEMENT OF OWNERS EQUITY REPORTING NET LOSS Based on the information provided in Exercise 2-6B,...
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