Analyze the following transactions in terms of their effect on the basic accounting equation, and prepare Financial Reports : 1. The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased $500 of supplies on credit. 3. Purchased equipment for $9,000, paying $4,000 in cash and signed a 30-day, $5,000, note payable. 4. Real estate commissions billed to clients amount to $4,000. 5. Paid $800 in cash for the current month’s rent. 6. Paid $200 cash on account for supplies purchased in transaction 2. 7. Received a bill for $600 for advertising for the current month. 8. Paid $2,500 cash for office salaries and wages. 9. Li withdrew $1,800 from the business for living expenses. 10. Received a check for $2,500 from a client in payment on account for commissions billed in transaction 4

Analyze the following transactions in terms of their effect on the basic accounting equation, and prepare Financial Reports : 1. The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased $500 of supplies on credit. 3. Purchased equipment for $9,000, paying $4,000 in cash and signed a 30-day, $5,000, note payable. 4. Real estate commissions billed to clients amount to $4,000. 5. Paid $800 in cash for the current month’s rent. 6. Paid $200 cash on account for supplies purchased in transaction 2. 7. Received a bill for $600 for advertising for the current month. 8. Paid $2,500 cash for office salaries and wages. 9. Li withdrew $1,800 from the business for living expenses. 10. Received a check for $2,500 from a client in payment on account for commissions billed in transaction 4

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter12: Probating A Will And Administering An Estate

Section: Chapter Questions

Problem 4SYPS

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