On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:Opened a business bank account with a deposit of $35,000 in exchange for common stock.Purchased office supplies on account, $2,290.Received cash from fees earned for managing rental property, $6,190.Paid rent on office and equipment for the month, $2,810.Paid creditors on account, $1,040.Billed customers for fees earned for managing rental property, $5,200.Paid automobile expenses for month, $620, and miscellaneous expenses, $310.Paid office salaries, $1,980.Determined that the cost of supplies on hand was $1,350; therefore, the cost of supplies used was $940.Paid dividends, $1,870.

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Description: On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:Opened a business bank account with a deposit of $35,000 in exchange for common stock.Purchased office

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:

Opened a business bank account with a deposit of $35,000 in exchange for common stock.
Purchased office supplies on account, $2,290.
Received cash from fees earned for managing rental property, $6,190.
Paid rent on office and equipment for the month, $2,810.
Paid creditors on account, $1,040.
Billed customers for fees earned for managing rental property, $5,200.
Paid automobile expenses for month, $620, and miscellaneous expenses, $310.
Paid office salaries, $1,980.
Determined that the cost of supplies on hand was $1,350; therefore, the cost of supplies used was $940.
Paid dividends, $1,870.

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