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 Llablitles Owner's Equlty !! Chad Chad Accounts + Recelvable Accounts Fees Rent Salarles Item Cash Supplles Wilson, Wilson, Payable Earned Expense Expense Capital Drawing a. b.
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 Llablitles Owner's Equlty !! Chad Chad Accounts + Recelvable Accounts Fees Rent Salarles Item Cash Supplles Wilson, Wilson, Payable Earned Expense Expense Capital Drawing a. b.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![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. Pald 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. Pald 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
Llablitles
Owner's Equlty
Chad
Chad
Accounts
Accounts
Fees
Rent
Salarles
Item
Cash
Supplles
Wilson,
Wilson,
%3D
Recelvable
Payable
Earned
Expense
Expense
Capital
Drawing
a.
b.
Check My Work 3 more Check My Work uses remaining.
Next>
O 9 I 6:54
DII
&
backspace
23
$
7
8.
6.
3)
5
r
t
y
i
e
f
g
j
n
alt
ctri
.. .
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3ea16bb-5014-41fc-bb60-9c02e262769b%2Fe9f990d1-644e-4ad0-a612-3657f13dfe3a%2Fryymnyv_processed.jpeg&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 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. Pald 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. Pald 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
Llablitles
Owner's Equlty
Chad
Chad
Accounts
Accounts
Fees
Rent
Salarles
Item
Cash
Supplles
Wilson,
Wilson,
%3D
Recelvable
Payable
Earned
Expense
Expense
Capital
Drawing
a.
b.
Check My Work 3 more Check My Work uses remaining.
Next>
O 9 I 6:54
DII
&
backspace
23
$
7
8.
6.
3)
5
r
t
y
i
e
f
g
j
n
alt
ctri
.. .
1
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education