1. Business
  2. Accounting
  3. transactions...

Question: transactions...

Question details
Transactions

On September 1 of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during September a. Opened a business bank account with a deposit of $30,000 in exchange for commson stock b Purchased office supplies on account, $2,640. C. Received cash from fees earned for managing rental property, $7,510. d. Paid rent on office and equipment for the month, $3,250 e. Paid creditors on account, $1,200. f. Billed customers for fees eamed for managing rental property, $6,010 g Paid automobile expenses for month, $720, and miscellaneous expenses, $360 h. Paid office salaries, $2,280 L. Determined that the cost of supplies on hand was $1,560; therefore, the cost of supplies used was $1,080 J. Paid dividends $2,160 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 For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Stockholders Equity sCommonoividendsEarned Fees Rent Expense Auto Item Cash + RecelvableSuppliesAccounts Stock Exp b. Bal.
media%2F913%2F9135bb20-28df-4772-b686-a5
Bal. Bal. Bal. Bal. Bal. Stockholders equity is the right of stockholders to the assets of the business. These rights are dividends and expenses by issuances of capital stock and revenues and by 3. Determine the net income for September How much did Septembers transactions (a-1) increase or decrease retained earnings?
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution