On April I of the current year, Morgan Jones established a business to manage rental property....

 

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On April I of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during Aprit: a. Opened a business bank account with a deposit of $27,000 in exchange for common stock. b. Purchased office supplies on account, $2,560. EReceived cash from fees eamed for managing rental property, $7,180. a. Paid rent on office and equipment for the month, $3,140. E. Paid creditors on account, $1.160. 1. Biled customers for fees earned for managing rental property, $5.820. g Paid automobile expenses for month, $700, and miscellaneous expenses, $350. h Paid office saleries, $2,210. 1. Determined that the cost of supplies on hand was $1,510; therefore, the cost of supples used was $1,050. 1- Paid dividends, $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. Far those boxes in which you must enter subtractive or negative numbers use a minus sign (Examplet 300) Assets Liabilities Stockholders' Equity Item Cash Accounts Accounts Common Fees Rent Sal, Supp. Auto Supplies Dividende . Misc. Receivable Payable Stock Earned Expense Expense Expense Expense Expense a. Bal. Bal Bal. Bal d. d. Bal Bal Check Hy Wo or Check My Work uses remaning Previous ANsigment Score.0% Save and Et Submit Assignment for Gradine Chapter 1 Work eBook Show Me Ho Calultor Bal. Bal Bal Bat Bal Bal Bal. Bal bal. Bal Bat Bal. 2. Sochoiders eqity i the right of stochoiders (owners) to ithe ats of the buness. These rights are by ung comnon stock and revenues and ty dividents and espenses 3. Determne the t incone for April 4. much did Aeris transations ineree er deoene tockheidery et? Chek y wo m Ch My Wrk s remenng Prevus On April I of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during Aprit: a. Opened a business bank account with a deposit of $27,000 in exchange for common stock. b. Purchased office supplies on account, $2,560. EReceived cash from fees eamed for managing rental property, $7,180. a. Paid rent on office and equipment for the month, $3,140. E. Paid creditors on account, $1.160. 1. Biled customers for fees earned for managing rental property, $5.820. g Paid automobile expenses for month, $700, and miscellaneous expenses, $350. h Paid office saleries, $2,210. 1. Determined that the cost of supplies on hand was $1,510; therefore, the cost of supples used was $1,050. 1- Paid dividends, $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. Far those boxes in which you must enter subtractive or negative numbers use a minus sign (Examplet 300) Assets Liabilities Stockholders' Equity Item Cash Accounts Accounts Common Fees Rent Sal, Supp. Auto Supplies Dividende . Misc. Receivable Payable Stock Earned Expense Expense Expense Expense Expense a. Bal. Bal Bal. Bal d. d. Bal Bal Check Hy Wo or Check My Work uses remaning Previous ANsigment Score.0% Save and Et Submit Assignment for Gradine Chapter 1 Work eBook Show Me Ho Calultor Bal. Bal Bal Bat Bal Bal Bal. Bal bal. Bal Bat Bal. 2. Sochoiders eqity i the right of stochoiders (owners) to ithe ats of the buness. These rights are by ung comnon stock and revenues and ty dividents and espenses 3. Determne the t incone for April 4. much did Aeris transations ineree er deoene tockheidery et? Chek y wo m Ch My Wrk s remenng Prevus

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1 Assets Liabilities Stockholders Equity Cash Accts Rec Supplies Accts Payable Common Stock Dividend... View the full answer