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On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael Repairs. During this march there were the following transactions: date March Transactions To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $7,000 on credit. He bought office supplies for $1,000 in cash. He received income from renting a property for $4,000 in cash. He paid for basic services for $400.00. He paid $900 of the equipment purchased on credit. He received income from managing a building's rent for $7,000 in cash. |He provided a $2,000 repair advisory service to a client on credit. He paid his secretary a salary for $5, 000. He made a $200.00 withdrawal for his personal use. He paid advertising expenses for $2,500. 3 5 7 10 12 20 22 30 30 31 A. Make journal entries. B. Records the transfer to the ledger.

On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael Repairs. During this march there were the following transactions: date March Transactions To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $7,000 on credit. He bought office supplies for $1,000 in cash. He received income from renting a property for $4,000 in cash. He paid for basic services for $400.00. He paid $900 of the equipment purchased on credit. He received income from managing a building's rent for $7,000 in cash. |He provided a $2,000 repair advisory service to a client on credit. He paid his secretary a salary for $5, 000. He made a $200.00 withdrawal for his personal use. He paid advertising expenses for $2,500. 3 5 7 10 12 20 22 30 30 31 A. Make journal entries. B. Records the transfer to the ledger.

FINANCIAL ACCOUNTING
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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On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael Repairs. During this march there were the following transactions: Transactions To open the business, he deposited $60,000 of his personal funds as an date March 1ro investment. He bought equipment for $7,000 on credit. He bought office supplies for $1,000 in cash. He received income from renting a property for $4,000 in cash. He paid for basic services for $400.00. He paid $900 of the equipment purchased on credit. He received income from managing a building's rent for $7,000 in cash. He provided a $2,000 repair advisory service to a client on credit. 30 He paid his secretary a salary for $5, 000. He made a $200.00 withdrawal for his personal use. He paid advertising expenses for $2,500. 3 7 10 12 20 22 30 31 A. Make journal entries. B. Records the transfer to the ledger. C. Prepare a test balance.
Transcribed Image Text:On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael Repairs. During this march there were the following transactions: Transactions To open the business, he deposited $60,000 of his personal funds as an date March 1ro investment. He bought equipment for $7,000 on credit. He bought office supplies for $1,000 in cash. He received income from renting a property for $4,000 in cash. He paid for basic services for $400.00. He paid $900 of the equipment purchased on credit. He received income from managing a building's rent for $7,000 in cash. He provided a $2,000 repair advisory service to a client on credit. 30 He paid his secretary a salary for $5, 000. He made a $200.00 withdrawal for his personal use. He paid advertising expenses for $2,500. 3 7 10 12 20 22 30 31 A. Make journal entries. B. Records the transfer to the ledger. C. Prepare a test balance.
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