### Educational Website Content: Transaction Analysis and Financial Record-Keeping#### Business Transactions1. **Opened a business bank account with a deposit of $30,000 from personal funds.**2. **Purchased office supplies on account, $1,800.**3. **Received cash from fees earned for managing rental property, $10,000.**4. **Paid rent on office and equipment for the month, $4,500.**5. **Paid creditors on account, $1,250.**6. **Billed customers for fees earned for managing rental property, $16,800.**7. **Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980.**8. **Paid office salaries, $4,000.**9. **Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120.**10. **Withdrew cash for personal use, $7,500.**#### 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)*#### Table for Transactions:This table will help understand the impact of each transaction on Assets, Liabilities, and Owner’s Equity.| Item | Cash | Assets | Liabilities | Owner's Equity ||------|------|--------|-------------|------------------------------------------|| a. | | | | || b. | | | | || c. | | | | || d. | | | | || e. | | | | || f. | | | | || g. | | | | || h. | | | | || i. | | | | || j. | | | | |**Accounts to Use:**1. **Office Supplies**2. **Office Expenses**3. **Salaries & Wages**4. **Miscellaneous Expenses**5. **Fees Earned**

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Description: ### Educational Website Content: Transaction Analysis and Financial Record-Keeping#### Business Transactions1. **Opened a business bank account with a deposit of $30,000 from personal funds.**2. **Purchased office supplies on account, $1,800.**3. **

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Answered: Opened a business bank account with a…

Business

Accounting

Opened a business bank account with a deposit of $30,000 from personal funds. Purchased office supplies on account, $1,800. Received cash from fees earned for managing rental property, $10,000.

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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