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. D. Purchased office supplies on account, $3,370. E. 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. n. 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.

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. D. Purchased office supplies on account, $3,370. E. 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. n. 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.

Name: Bal.f.Bal.g.Bal.h.Bal.i.Bal.j.Bal.2. Owner's equity is the right of o
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Description: Bal.f.Bal.g.Bal.h.Bal.i.Bal.j.Bal.2. Owner's equity is the right of owners to the assets of the business. These rights areby owner's investments and revenues andby owner's withdrawals and expenses.3. Determine the net income for June.4. June's trans

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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