On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank account with a deposit of $47,000 from personal funds. b. Purchased office supplies on account, $3,100. c. Received cash from fees earned for managing rental property, $8,37o. d. Paid rent on office and equipment for the month, $3,800. e. Paid creditors on account, $1,410. f. Billed customers for fees earned for managing rental property, $7,030. g. Paid automobile expenses (including rental charges) for the month, $840, and miscellaneous expenses, $420. h. Paid office salaries, $2,670. i. Determined that the cost of supplies on hand was $1,830; therefore, the cost of supplies used was $1,270. j. Withdrew cash for personal use, $2,530. 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)

On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank account with a deposit of $47,000 from personal funds. b. Purchased office supplies on account, $3,100. c. Received cash from fees earned for managing rental property, $8,37o. d. Paid rent on office and equipment for the month, $3,800. e. Paid creditors on account, $1,410. f. Billed customers for fees earned for managing rental property, $7,030. g. Paid automobile expenses (including rental charges) for the month, $840, and miscellaneous expenses, $420. h. Paid office salaries, $2,670. i. Determined that the cost of supplies on hand was $1,830; therefore, the cost of supplies used was $1,270. j. Withdrew cash for personal use, $2,530. 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)

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section: Chapter Questions

Problem 1AP

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