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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 Llablitles Owner's Equlty !! Chad Chad Accounts + Recelvable Accounts Fees Rent Salarles Item Cash Supplles Wilson, Wilson, Payable Earned Expense Expense Capital Drawing a. b.

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 Llablitles Owner's Equlty !! Chad Chad Accounts + Recelvable Accounts Fees Rent Salarles Item Cash Supplles Wilson, Wilson, Payable Earned Expense Expense Capital Drawing a. b.

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter1: Business Transactions (ptrans)
Section: Chapter Questions
Problem 3R: On June 1 of the current year, Wilson Wood opened Woodys Web Services. This sole proprietorship had...
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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. Pald 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. Pald 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 Llablitles Owner's Equlty Chad Chad Accounts Accounts Fees Rent Salarles Item Cash Supplles Wilson, Wilson, %3D Recelvable Payable Earned Expense Expense Capital Drawing a. b. Check My Work 3 more Check My Work uses remaining. Next> O 9 I 6:54 DII & backspace 23 $ 7 8. 6. 3) 5 r t y i e f g j n alt ctri .. . 1
Transcribed Image Text: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. Pald 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. Pald 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 Llablitles Owner's Equlty Chad Chad Accounts Accounts Fees Rent Salarles Item Cash Supplles Wilson, Wilson, %3D Recelvable Payable Earned Expense Expense Capital Drawing a. b. Check My Work 3 more Check My Work uses remaining. Next> O 9 I 6:54 DII & backspace 23 $ 7 8. 6. 3) 5 r t y i e f g j n alt ctri .. . 1
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