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)

Name: 2. Owner's equity is the right of owners to the assets of the busines
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Description: 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 de

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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Part A: Journalize the following transactions for June.Dean Winchester opened Ghost Cleaners on June 1, 2021. He is the sole owner of the corporation.During June, the following transactions were completed by Dean.1-Jun Invested $65,000 in exchange for common stock in Ghost Cleaners, Inc.1-Jun Purchased a used van for $12,000, paying $3,000 cash and the taking out a note payable for the rest.He plans to pay off the remaining balance on the van by June 1, 2022. The note has a 10% APRwith interest being payable at the end of every month. No principle payments are due until August 1, 2021.1-Jun Paid $1,800 cash on a 12-month insurance policy effective June 1, 2021.1-Jun Hired his brother, Sam, to help with the corporation. He will be paid $1,000 per month for now.5-Jun Purchased cleaning supplies for $1,500 on account.7-Jun Billed a client, F. Crowley, for services performed on June 7 in the amount of $3,000.8-Jun Paid $100 for gasoline for the van.12-Jun Paid $200 for maintenance on the…
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john began an Upholstery cleaning business on October 1,2020 and engaged in the following transactions during the month: Began business by depositing 12,000 in a Clean & Premium ltd bank oct 1 : account oct 2 :Ordered Cleaning supplies 3,000 oct 3: Purchased cleaning equipment for 2,800. oct 4 : Made two months' van lease payment in advance, 1,200 Received the cleaning supplies ordered on (Oct 2) oct 7: and agreed to pay half the amount in 10 days, and the rest in 30 days oct 9: Paid for repairs on the van with cash, 1,080 oct 12 : Received cash for cleaning upholstery, 960. oct 17: Paid half the amount owed on supplies purchased on Oct 7, 1,500. oct 21 : Billed customers for cleaning upholstery, 1,340 oct 24 :Paid cash for additional repairs on the van, RM80 oct 27 : Received 600 from the customers billed on October 21. oct 31 Made a cash withdrawal of 700. you are Required to A : Prepare the general journal based on the above transactions. B:…