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Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $42,000 from personal funds. b. Purchased office supplies on account, $3,370. c. Received cash from fees earned for managing rental property, $9,550. d. Paid rent on office and equipment for the month, $4,130. e. Paid creditors on account, $1,530. f. Billed customers for fees earned for managing rental property, $7,640. g. Paid automobile expenses (including rental charges) for the month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,900. i. Determined that the cost of supplies on hand was $1,990; therefore, the cost of supplies used was $1,380. j. Withdrew cash for personal use, $2,750. 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) Assets %3D Llabilities Owner's Equlty Chad Chad Accounts Accounts Fees Rent Salarie Cash Supplies Wilson, Wilson, %3D Item Earned Expense Expens Receivable Payable Capital Drawing 42,000 a. 42,000 3,370 3,370 b. Next Check My Work 3 more Check My Work uses remaining. thmit Assignment for Gradir

Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $42,000 from personal funds. b. Purchased office supplies on account, $3,370. c. Received cash from fees earned for managing rental property, $9,550. d. Paid rent on office and equipment for the month, $4,130. e. Paid creditors on account, $1,530. f. Billed customers for fees earned for managing rental property, $7,640. g. Paid automobile expenses (including rental charges) for the month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,900. i. Determined that the cost of supplies on hand was $1,990; therefore, the cost of supplies used was $1,380. j. Withdrew cash for personal use, $2,750. 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) Assets %3D Llabilities Owner's Equlty Chad Chad Accounts Accounts Fees Rent Salarie Cash Supplies Wilson, Wilson, %3D Item Earned Expense Expens Receivable Payable Capital Drawing 42,000 a. 42,000 3,370 3,370 b. Next Check My Work 3 more Check My Work uses remaining. thmit Assignment for Gradir

FINANCIAL ACCOUNTING
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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Help with questions 2-4. The drop down are either increase or decrease.
51 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. increased 3. Determine the net income for June. decreased 4. June's transactions (a-j) increased or decreased Chad Wilson's capital to? to Next Check My Work 3 more Check My Work uses remaining, Email Instructor Save and Exit Submit Assignment for Grading All work saved. O v O 10: hp & 23 $ 7 8. 3 4 u y e
Transcribed Image Text:51 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. increased 3. Determine the net income for June. decreased 4. June's transactions (a-j) increased or decreased Chad Wilson's capital to? to Next Check My Work 3 more Check My Work uses remaining, Email Instructor Save and Exit Submit Assignment for Grading All work saved. O v O 10: hp & 23 $ 7 8. 3 4 u y e
mprogreSS-Taise Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $42,000 from personal funds. b. Purchased office supplies on account, $3,370. c. Received cash from fees earned for managing rental property, $9,550. d. Paid rent on office and equipment for the month, $4,130. e. Paid creditors on account, $1,530. f. Billed customers for fees earned for managing rental property, $7,640. g. Paid automobile expenses (including rental charges) for the month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,900. i. Determined that the cost of supplies on hand was $1,990; therefore, the cost of supplies used was $1,380. j. Withdrew cash for personal use, $2,750. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is reguired, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets Liabilities Owner's Equlty + Chad Chad Accounts Accounts Fees Rent Salaries Supplies Wilson, Wilson, Item Cash %3D Receivable Payable Earned Expense Expense Capital Drawing 42,000 a. 42,000 3,370 3,370 b. Next Check My Work 3 more Check My Work uses remaining. Email Instructor Save and Exit Submit Assignment for Grading All work saved. V O 10:07 hp
Transcribed Image Text:mprogreSS-Taise Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $42,000 from personal funds. b. Purchased office supplies on account, $3,370. c. Received cash from fees earned for managing rental property, $9,550. d. Paid rent on office and equipment for the month, $4,130. e. Paid creditors on account, $1,530. f. Billed customers for fees earned for managing rental property, $7,640. g. Paid automobile expenses (including rental charges) for the month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,900. i. Determined that the cost of supplies on hand was $1,990; therefore, the cost of supplies used was $1,380. j. Withdrew cash for personal use, $2,750. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is reguired, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets Liabilities Owner's Equlty + Chad Chad Accounts Accounts Fees Rent Salaries Supplies Wilson, Wilson, Item Cash %3D Receivable Payable Earned Expense Expense Capital Drawing 42,000 a. 42,000 3,370 3,370 b. Next Check My Work 3 more Check My Work uses remaining. Email Instructor Save and Exit Submit Assignment for Grading All work saved. V O 10:07 hp
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