Pr1-1A Transactions

please label each question

Question 1 (25 marks) - PR 1-1A - Transactions On September 1 of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during September: 1. Opened a business bank account with a deposit of S36,000 in exchange for common stock 2. Purchased office supplies on account, $1,800. 3. Received cash from fees earned for managing rental property, S6,750. 4. Paid rent on office and equipment for the month, $5,000. 5. Paid creditors on account, $1,375. 6. Billed customers for fees earned for managing rental property, 9,500. 7. Paid automobile expenses for month, S840, and miscellaneous expenses, $960. 8. Paid office salaries, $3,600. 9. Determined that the cost of supplies on hand was $350; therefore, the cost of supplies used was $1,450. 10. Paid dividends, $3,000. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets Liabilities + Stockholders' Equity Office Equipment Aucts Accounts Common FeesMusi Rent Rent Advertising Wages Utilities Supplies Misc Cash + Rec. + Supplies - Payabile - Stock - Dividends Eamed Exp. Bp - Bip Exp Bip Bip Exp Exp 2. Briefly explain why issuing common stock and revenues increased stockholders' equity, while dividends and expenses decreased stockholders' equity. Assign #1 - Fall 2021 3. Determine the net income for September. 4. How much did September's transactions increase or decrease retained earnings