Transactions On June 1 of the

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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Transactions On June 1 of the

Transactions

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

  1. Opened a business bank account with a deposit of $28,000 from personal funds.
  2. Purchased office supplies on account, $2,490.
  3. Received cash from fees earned for managing rental property, $6,980.
  4. Paid rent on office and equipment for the month, $3,050.
  5. Paid creditors on account, $1,130.
  6. Billed customers for fees earned for managing rental property, $5,650.
  7. Paid automobile expenses (including rental charges) for the month, $680, and miscellaneous expenses, $340.
  8. Paid office salaries, $2,150.
  9. Determined that the cost of supplies on hand was $1,470; therefore, the cost of supplies used was $1,020.
  10. 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
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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
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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
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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

Transactions

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

  1. Opened a business bank account with a deposit of $28,000 from personal funds.
  2. Purchased office supplies on account, $2,490.
  3. Received cash from fees earned for managing rental property, $6,980.
  4. Paid rent on office and equipment for the month, $3,050.
  5. Paid creditors on account, $1,130.
  6. Billed customers for fees earned for managing rental property, $5,650.
  7. Paid automobile expenses (including rental charges) for the month, $680, and miscellaneous expenses, $340.
  8. Paid office salaries, $2,150.
  9. Determined that the cost of supplies on hand was $1,470; therefore, the cost of supplies used was $1,020.
  10. 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

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