Chapter 1, Problem 6R

On June 1 of the current year, Wilson Wood opened Woodyʼs Web Services. This sole proprietorship had the following transactions during June.

1. a. Opened a business checking account and made a deposit, $9,000.
2. b. Paid rent for June for office space and computer equipment, $3,000.
3. c. Purchased office supplies (stamps, pens, etc.) on account, $1,980.
4. d. Received cash for services rendered, $4,500.
5. e. Paid creditor for office supplies purchased on account, $1,400.
6. f. Purchased office supplies for cash, $420.
7. g. Billed clients for consultations performed on account, $4,600.
8. h. Paid monthly internet service bill of $360.
9. i. Paid the secretaryʼs salary of $2,400.
10. j. Returned $300 of office supplies purchased in transaction f. Received a full refund.
11. k. Received cash from clients previously billed, $3,000.
12. l. Cash was withdrawn for ownerʼs personal use, $2,000.

Wilson initially invested $9,000 in the business. Could he have invested less? How little could he have invested initially and never have his cash balance go below zero? To help answer this question, move to column J and analyze the information provided. Then enter different amounts in cell B8 to help determine an answer. When you have determined an answer, use the File Print command to print the range A1 to J21 all on one page. Explain below how you derived your answer.