Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions du a. Opened a business bank account with a deposit of $31,000 in exchange for common stock. b. Purchased office supplies on account, $2,320. c. Received cash from fees earned for managing rental property, $6,580. d. Paid rent on office and equipment for the month, $2,840. e. Paid creditors on account, $1,050. f. Billed customers for fees earned for managing rental property, $5,260. g. Paid automobile expenses for month, $630, and miscellaneous expenses, $320. n. Paid office salaries, $2,000. i. Determined that the cost of supplies on hand was $1,370; therefore, the cost of supplies used was $950. j. Paid dividends, $1,890. 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)

Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions du a. Opened a business bank account with a deposit of $31,000 in exchange for common stock. b. Purchased office supplies on account, $2,320. c. Received cash from fees earned for managing rental property, $6,580. d. Paid rent on office and equipment for the month, $2,840. e. Paid creditors on account, $1,050. f. Billed customers for fees earned for managing rental property, $5,260. g. Paid automobile expenses for month, $630, and miscellaneous expenses, $320. n. Paid office salaries, $2,000. i. Determined that the cost of supplies on hand was $1,370; therefore, the cost of supplies used was $950. j. Paid dividends, $1,890. 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)

Name: TransactionsOn April 1 of the current year, Morgan Jones established
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Description: TransactionsOn April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April:a. Opened a business bank account with a deposit of $31,000 in exchange for common stock

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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