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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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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

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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