On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: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, $2,85s0.e. Paid creditors on account, $1,060.f. Billed customers for fees eamed 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)AssetsLiabilitiesOwner's EquityAccountsAccountsChad Wilson,Chad Wilson.SalariesSupplies+ Fees Earned -Rent Expense -Auto Expense - Misc. ExpenseItemCashSupplies+=ReceivablePayableCapitalDrawingExpenseExpense39,000V39,000a.b.2,320 V2,320Bal.39,000 V2,3202,32039,000C.6,600V6,600 v45,6002,320Bal.2,32039,0006,600d.-2,850-2,850Bal.42,7502,3202,32039,0006,600 V-2,850e.-1,060 V-1,06041,690 V1,260 V6,600 VBal.2,32039,000-2,8505,280V5,280 Vf.41,690 V5,280 V2,3201,260 V11,880VBal.39,000-2,8509.-950 V-630-32040,740V5,280V2,3201,26011,880-630 VBal.39,000-2,850-320h.-2,010-2,01038,730V5,280V2,32011,880 V-2,010 v-630 V-320 VBal.1,26039,000-2,850i.-950-950 VBal.38,7305,2801,3701,26039,00011,880 V-2,850-2,010-950-630-320J.-1,900-1,90036,830 V5,280 v1,370 V11,880V-2,850 V-2,010V-950-630 V-320 VBal.1,26039,000-1,9002. Owner's equity is the right of owners to the assets of the business. These rights are increased v by owner's investments and revenues and decreased v by owner's withdrawals and expenses.3. Determine the net income for June.5.120v5,120V4. June's transactions (a-j) increased or decreased Chad Wilson's capital to?Increased v to s 44,120 x

Name: On June 1 of the current year, Chad Wilson established a business to
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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 transactions during June:a. Opened a business bank account with a deposit of $39,000 from personal funds.b. Purchased office supp

I observed that You did all the solution Right , But your capital balance do not match , Therefore i…

Answered: Owner's Equity 5.120 reed y te 4120 x

Business

Accounting

Owner's Equity 5.120 reed y te 4120 x

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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