Transactions On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: Opened a business bank account with a deposit of $28,000 from personal funds. Purchased office supplies on account, $2,490. Received cash from fees earned for managing rental property, $6,980. Paid rent on office and equipment for the month, $3,050. Paid creditors on account, $1,130. Billed customers for fees earned for managing rental property, $5,650. Paid automobile expenses (including rental charges) for the month, $680, and miscellaneous expenses, $340. Paid office salaries, $2,150. Determined that the cost of supplies on hand was $1,470; therefore, the cost of supplies used was $1,020. Withdrew cash for personal use, $2,030. 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 = Liabilities + Owner's Equity Item Cash + Accounts Receivable + Supplies = Accounts Payable + Pamela Schatz, Capital - Pamela Schatz, Drawing + Fees Earned - Rent Expense - Salaries Expense - Supplies Expense - Auto Expense - Misc. Expense a. fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 b. fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 Bal. fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 c. fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Bal. fill in the blank 49 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 d. fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72 Bal. fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81 fill in the blank 82 fill in the blank 83 fill in the blank 84 e. fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 fill in the blank 89 fill in the blank 90 fill in the blank 91 fill in the blank 92 fill in the blank 93 fill in the blank 94 fill in the blank 95 fill in the blank 96 Bal. fill in the blank 97 fill in the blank 98 fill in the blank 99 fill in the blank 100 fill in the blank 101 fill in the blank 102 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108 f. fill in the blank 109 fill in the blank 110 fill in the blank 111 fill in the blank 112 fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 fill in the blank 117 fill in the blank 118 fill in the blank 119 fill in the blank 120 Bal. fill in the blank 121 fill in the blank 122 fill in the blank 123 fill in the blank 124 fill in the blank 125 fill in the blank 126 fill in the blank 127 fill in the blank 128 fill in the blank 129 fill in the blank 130 fill in the blank 131 fill in the blank 132 g. fill in the blank 133 fill in the blank 134 fill in the blank 135 fill in the blank 136

Transactions On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: Opened a business bank account with a deposit of $28,000 from personal funds. Purchased office supplies on account, $2,490. Received cash from fees earned for managing rental property, $6,980. Paid rent on office and equipment for the month, $3,050. Paid creditors on account, $1,130. Billed customers for fees earned for managing rental property, $5,650. Paid automobile expenses (including rental charges) for the month, $680, and miscellaneous expenses, $340. Paid office salaries, $2,150. Determined that the cost of supplies on hand was $1,470; therefore, the cost of supplies used was $1,020. Withdrew cash for personal use, $2,030. 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 = Liabilities + Owner's Equity Item Cash + Accounts Receivable + Supplies = Accounts Payable + Pamela Schatz, Capital - Pamela Schatz, Drawing + Fees Earned - Rent Expense - Salaries Expense - Supplies Expense - Auto Expense - Misc. Expense a. fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 b. fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 Bal. fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 c. fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Bal. fill in the blank 49 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 d. fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72 Bal. fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81 fill in the blank 82 fill in the blank 83 fill in the blank 84 e. fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 fill in the blank 89 fill in the blank 90 fill in the blank 91 fill in the blank 92 fill in the blank 93 fill in the blank 94 fill in the blank 95 fill in the blank 96 Bal. fill in the blank 97 fill in the blank 98 fill in the blank 99 fill in the blank 100 fill in the blank 101 fill in the blank 102 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108 f. fill in the blank 109 fill in the blank 110 fill in the blank 111 fill in the blank 112 fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 fill in the blank 117 fill in the blank 118 fill in the blank 119 fill in the blank 120 Bal. fill in the blank 121 fill in the blank 122 fill in the blank 123 fill in the blank 124 fill in the blank 125 fill in the blank 126 fill in the blank 127 fill in the blank 128 fill in the blank 129 fill in the blank 130 fill in the blank 131 fill in the blank 132 g. fill in the blank 133 fill in the blank 134 fill in the blank 135 fill in the blank 136

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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Transactions

On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June:

Opened a business bank account with a deposit of $28,000 from personal funds.
Purchased office supplies on account, $2,490.
Received cash from fees earned for managing rental property, $6,980.
Paid rent on office and equipment for the month, $3,050.
Paid creditors on account, $1,130.
Billed customers for fees earned for managing rental property, $5,650.
Paid automobile expenses (including rental charges) for the month, $680, and miscellaneous expenses, $340.
Paid office salaries, $2,150.
Determined that the cost of supplies on hand was $1,470; therefore, the cost of supplies used was $1,020.
Withdrew cash for personal use, $2,030.

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

Liabilities

Owner's Equity

Item

Cash

Accounts
Receivable

Supplies

Accounts
Payable

Pamela Schatz,
Capital

Pamela Schatz,
Drawing

Fees
Earned

Rent
Expense

Salaries
Expense

Supplies
Expense

Auto
Expense

Misc.
Expense

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