1. Deposited $50,000 in a bank account in the name of Shannon Realty 2. Purchased a lot for $10,000 and a small building on a lot for $25,000 3. Purchased office supplies for $500 on credit 4. Paid $200 of the $500 owed for supplies 5. Earned and received a commission of $1,500 in cash 6. A $2,000 commission is earned, to be received later 7. Received $1,000 from client for commission earned earlier in the month 8. Paid $1,000 to rent equipment for office 9. Paid $400 in wages to part-time helper 10.Liability of $300 for utilities expense is recorded 11.Owner withdrew $600 in cash for personal use You are required to record the transactions in the accounts

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. Deposited $50,000 in a bank account in the name of Shannon Realty
2. Purchased a lot for $10,000 and a small building on a lot for $25,000
3. Purchased office supplies for $500 on credit
4. Paid $200 of the $500 owed for supplies
5. Earned and received a commission of $1,500 in cash
6. A $2,000 commission is earned, to be received later
7. Received $1,000 from client for commission earned earlier in the month
8. Paid $1,000 to rent equipment for office
9. Paid $400 in wages to part-time helper
10.Liability of $300 for utilities expense is recorded
11.Owner withdrew $600 in cash for personal use
You are required to record the transactions in the accounts
Transcribed Image Text:1. Deposited $50,000 in a bank account in the name of Shannon Realty 2. Purchased a lot for $10,000 and a small building on a lot for $25,000 3. Purchased office supplies for $500 on credit 4. Paid $200 of the $500 owed for supplies 5. Earned and received a commission of $1,500 in cash 6. A $2,000 commission is earned, to be received later 7. Received $1,000 from client for commission earned earlier in the month 8. Paid $1,000 to rent equipment for office 9. Paid $400 in wages to part-time helper 10.Liability of $300 for utilities expense is recorded 11.Owner withdrew $600 in cash for personal use You are required to record the transactions in the accounts
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