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.
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.
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
Related questions
Topic Video
Question
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT