Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the following transactions connected with her personal practice: a. Transferred cash from a personal bank account to an account to be used for the business, $36,000. b. Paid October rent for the office and workroom, $2,400.
How would i compute if she had a net income or net loss?
Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the following transactions connected with her personal practice:
a. Transferred cash from a personal bank account to an account to be used for the business, $36,000.
b. Paid October rent for the office and workroom, $2,400.
c. Purchased used automobile for $32,800 and, paying $7,800 cash and giving a note payable for the remainder.
d. Purchased office and computer equipment on account, $9,000.
e. Paid cash for supplies, $2,150.
f. Paid cash for annual insurance policies, $4,000.
g. Received cash from client for plans delivered, $12,200.
h. Paid cash for miscellaneous expenses, $815.
i. Paid cash to creditors on account, $4,500/
j. Paid $5,000 on note payable.
k. Received invoice for blueprint services, due in Novembre, $2,890.
l. Recorded fees earned on plans delivered, payment to be received in November, $18,300.
m. Paid salary of assistants, $6,450.
n. Paid gas, oil, and repairs on automobile for October, $1,020.
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