Transactions On September 1 of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during September: a. Opened a business bank account with a deposit of $29,000 in exchange for common stock. b. Purchased office supplies on account, $3,130. c. Received cash from fees earned for managing rental property, $8,490. d. Paid rent on office and equipment for the month, $3,850. e. Paid creditors on account, $1,430. f. Billed customers for fees earned for managing rental property, $7,130. g. Paid automobile expenses for month, $860, and miscellaneous expenses, $430. h. Paid office salaries, $2,710. i. Determined that the cost of supplies on hand was $1,850; therefore, the cost of supplies used was $1,280. j. Paid dividends $2,570. 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) Liabilities Stockholders' Equity Assets %3D Common Fees Rent Sal. Accounts Accounts Dividends Item Cash Supplies Stock Earned Expense Expense Receivable Payable a. b. Bal.

Transactions On September 1 of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during September: a. Opened a business bank account with a deposit of $29,000 in exchange for common stock. b. Purchased office supplies on account, $3,130. c. Received cash from fees earned for managing rental property, $8,490. d. Paid rent on office and equipment for the month, $3,850. e. Paid creditors on account, $1,430. f. Billed customers for fees earned for managing rental property, $7,130. g. Paid automobile expenses for month, $860, and miscellaneous expenses, $430. h. Paid office salaries, $2,710. i. Determined that the cost of supplies on hand was $1,850; therefore, the cost of supplies used was $1,280. j. Paid dividends $2,570. 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) Liabilities Stockholders' Equity Assets %3D Common Fees Rent Sal. Accounts Accounts Dividends Item Cash Supplies Stock Earned Expense Expense Receivable Payable a. b. Bal.

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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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Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $8,500 from their personal account to the business account.B. Paid rent $850 with check #101.C. Initiated a petty cash fund $550 with check #102.D. Received $800 cash for services rendered.E. Purchased office supplies for $180 with check #103.F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days.G. Received $1,200 cash for services rendered.H. Paid wages $560, check #105.I. Petty cash reimbursement: office supplies $200, Maintenance Expense $160, Miscellaneous Expense $65. Cash on Hand $65. Check #106.J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance $0 Deposits Checks A. $8,500 101 $850 G. 1,200 102 550 103 180 106 485 Bank service charges 100…
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Transactions; financial statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $24,000 in exchange for common stock. Paid rent on office and equipment for the month, $3,600. Paid automobile expenses for month, $1,350, and miscellaneous expenses, $600. Purchased supplies on account, $1,200. Earned sales commissions, receiving cash, $19,800. Paid creditor on account, $750. Paid office salaries, $2,500. Paid dividends, $3,500. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900. Required: Question Content Area 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. If required, enter negative values as negative numbers using a minus sign.
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Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $65,000 in exchange for common stock. Borrowed $120,000 by issuing a note payable. Received cash from fees earned, $40,000. Paid rent on office and equipment for the month, $5,000. Provided service to customers on account, $ 20,000. Paid automobile expense for the month, $3,500, and miscellaneous expense, $1,000. Paid office salaries, $6,500. Paid interest on the note payable, $500. Purchased land as a future building site, paying cash of $100,000. Paid dividends, $3,000. Instructions Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework
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