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

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Chapter1: Financial Statements And Business Decisions

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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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E Advanced Search:..
MLA Citation Gen...
Spinbot.com - Arti..
Plagiarism Checke...
edunav
A cenage
Inflaor
Apps
Ch 1 HW
еBook
Show Me How
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)
Stockholders' Equity
Assets
Liabilities
%3D
Fees
Rent
Sal.
SL
Accounts
Common
Accounts
Dividends
+
Item
Cash
Supplies
Stock
Earned
Expense
Expense
Exp
Receivable
Payable
a.
b.
Bal.
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Supp.
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Dividends
Item
yable
Stock
Earned
Expense
Expense
Expense
Expense
Expense
a.
b.
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C.
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