question #1
travis stegallProblem 1-1A
Transactions
Mandy Deal established a business on Sept 1 of this year to manage rental property. She completed the following transactions during September:
- Opened a business bank account with a deposit of $40,000 in exchange for capital stock.
- Purchased supplies (pens, file folders, and copy paper) on account, $2,200.
- Received cash from fees earned for managing rental property, $6,000.
- Paid rent on office and equipment for the month, $2,700.
- Paid creditors on account, $1,000.
- Billed customers for fees earned for managing rental property, $5,000.
- Paid automobile expenses (including rental charges) for month, $600, and miscellaneous expenses, $300.
- Paid office salaries, $1,900.
- Determined that the cost of supplies on hand was $1,300; therefore, the cost of supplies used was $900.
- Paid dividends, $1,800.
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)
13 years ago
3
