Question: Please help explain how you get the answers, I thought credit must equal debit. Im lost. Cory Neece is planning to manage and operate Eagle

Please help explain how you get the answers, I thought credit must equal debit. Im lost.
Please help explain how you get the answers, I thought credit must

Cory Neece is planning to manage and operate Eagle Caddy Service at Canyon Lake Golf and Country Club during June through August 2019, Cory will rent a small maintenance shop from the country club for $500 per month and Willoffer caddie services, including cart rentals to golfers. DR CR June 1 Transferred $2,000 from personal bank account to be used to operate the caddy service. Paid rent expense to Canyon Lake Golf and Country Club, $500. 1 2 Paid for golf supplies (practice balls, for example), $750. 3 Arranged for the rental of 40 regular (pulling) golf carts and 20 gasoline-driven carts for $3,000 per month. Pald $600 in advance, with the remaining $2,400 due June 20. 7 Purchased supplies, including gasoline, for the golf carts on account, $1,000. Canyon Lake Golf and Country Club has agreed to allow Cory to store the gasoline in one of its fuel tanks at no cost. 15 Received cash for services from June 1-15, $5,400. 17 Pald cash to creditors on account, $1,000 20 Paid remaining rental on golf carts, $2,400 Purchased supplies, including gasoline, on account, 22 $850. 25 Earned fees from customers on account, $1,800. 28 Pald miscellaneous expenses, $395. 30 Received cash for services from June 16-30, 54,200. 30 Paid telephone and electricity (utilitles) expenses, $340. 30 Paid wages of part-time employees, $850. 30 Received cash on account, $1,500. 30 Determined the amount of supplies on hand at the end of June, $675

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!