Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $31,000 in exchange for common stock. b. Purchased supplies on account, $3,110. c. Paid creditor on account, $1,970. d. Earned sales commissions, receiving cash, $31,710. e. Paid rent on office and equipment for the month, $6,220. f. Paid dividends, $10,000. g. Paid automobile expenses for month, $2,980, and miscellaneous expenses, $1,430. h. Paid office salaries, $3,740. i. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2.060.

Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $31,000 in exchange for common stock. b. Purchased supplies on account, $3,110. c. Paid creditor on account, $1,970. d. Earned sales commissions, receiving cash, $31,710. e. Paid rent on office and equipment for the month, $6,220. f. Paid dividends, $10,000. g. Paid automobile expenses for month, $2,980, and miscellaneous expenses, $1,430. h. Paid office salaries, $3,740. i. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2.060.

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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