On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions a. Opened a business bank account with a deposit of $39,000 from personal funds. b. Purchased office supplies on account, $2,320. c. Received cash from fees earned for managing rental property, $6,600. d. Paid rent on office and equipment for the month, $2,850. e. Paid creditors on account, $1,060. f. Billed customers for fees earned for managing rental property, $5,280. g. Paid automobile expenses (including rental charges) for the month, $630, and miscellaneous expenses, $320. h. Paid office salaries, $2,010. i. Determined that the cost of supplies on hand was $1,370; therefore, the cost of supplies used was $950. j. Withdrew cash for personal use, $1,900. 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)

On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions a. Opened a business bank account with a deposit of $39,000 from personal funds. b. Purchased office supplies on account, $2,320. c. Received cash from fees earned for managing rental property, $6,600. d. Paid rent on office and equipment for the month, $2,850. e. Paid creditors on account, $1,060. f. Billed customers for fees earned for managing rental property, $5,280. g. Paid automobile expenses (including rental charges) for the month, $630, and miscellaneous expenses, $320. h. Paid office salaries, $2,010. i. Determined that the cost of supplies on hand was $1,370; therefore, the cost of supplies used was $950. j. Withdrew cash for personal use, $1,900. 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)

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Description: On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactionsa. Opened a business bank account with a deposit of $39,000 from personal funds.b. Purchased office supplies on accou

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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