On June 1 of the current year, Pamela Schatz established a business to manage rental property. She
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Question:
On June of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June:
Opened a business bank account with a deposit of $ from personal funds.
Purchased office supplies on account, $
Received cash from fees earned for managing rental property, $
Paid rent on office and equipment for the month, $
Paid creditors on account, $
Billed customers for fees earned for managing rental property, $
Paid automobile expenses including rental charges for the month, $ and miscellaneous expenses, $
Paid office salaries, $
Determined that the cost of supplies on hand was $; therefore, the cost of supplies used was $
Withdrew cash for personal use, $
Required:
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:
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date: