Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactic 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, $2,850. e. Paid creditors on account, $1,060. f. Billed customers for fees earned 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)
Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactic 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, $2,850. e. Paid creditors on account, $1,060. f. Billed customers for fees earned 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![2. Owner's equity is the right of owners to the assets of the business. These rights are ..
by owner's investments and revenues and .
by owner's withdrawals and expenses.
3. Determine the net income for June.
4. June's transactions (a-j) increased or decreased Chad Wilson's capital to?
to s](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15b86038-0c22-419f-8e25-6ea58f219bd3%2F8f7e82e1-a37b-40d0-b9c8-8ca98fb035e6%2Fvr9u6ce_processed.png&w=3840&q=75)
Transcribed Image Text:2. Owner's equity is the right of owners to the assets of the business. These rights are ..
by owner's investments and revenues and .
by owner's withdrawals and expenses.
3. Determine the net income for June.
4. June's transactions (a-j) increased or decreased Chad Wilson's capital to?
to s
![Transactions
On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactio
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, $2,850.
e. Paid creditors on account, $1,060.
f. Billed customers for fees earned 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)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15b86038-0c22-419f-8e25-6ea58f219bd3%2F8f7e82e1-a37b-40d0-b9c8-8ca98fb035e6%2Fosyk8pf_processed.png&w=3840&q=75)
Transcribed Image Text:Transactions
On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactio
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, $2,850.
e. Paid creditors on account, $1,060.
f. Billed customers for fees earned 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)
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