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 $45,000 from personal funds. b.Purchased office supplies on account, $2,570. c.Received cash from fees earned for managing rental property, $7,290. d.Paid rent on office and equipment for the month, $3,150. e.Paid creditors on account, $1,170. f.Billed customers for fees earned for managing rental property, $5,830. g.Paid automobile expenses (including rental charges) for the month, $700, and miscellaneous expenses, $350. h.Paid office salaries, $2,220. i.Determined that the cost of supplies on hand was $1,520; therefore, the cost of supplies used was $1,050. j.Withdrew cash for personal use, $2,100. 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
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 $45,000 from personal funds. b.Purchased office supplies on account, $2,570. c.Received cash from fees earned for managing rental property, $7,290. d.Paid rent on office and equipment for the month, $3,150. e.Paid creditors on account, $1,170. f.Billed customers for fees earned for managing rental property, $5,830. g.Paid automobile expenses (including rental charges) for the month, $700, and miscellaneous expenses, $350. h.Paid office salaries, $2,220. i.Determined that the cost of supplies on hand was $1,520; therefore, the cost of supplies used was $1,050. j.Withdrew cash for personal use, $2,100. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $45,000 from personal funds.
b.Purchased office supplies on account, $2,570.
c.Received cash from fees earned for managing rental property, $7,290.
d.Paid rent on office and equipment for the month, $3,150.
e.Paid creditors on account, $1,170.
f.Billed customers for fees earned for managing rental property, $5,830.
g.Paid automobile expenses (including rental charges) for the month, $700, and miscellaneous expenses, $350.
h.Paid office salaries, $2,220.
i.Determined that the cost of supplies on hand was $1,520; therefore, the cost of supplies used was $1,050.
j.Withdrew cash for personal use, $2,100.
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)
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