On June 1 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 $30,000 from personal funds. Purchased office supplies on account, $2,960. Received cash from fees earned for managing rental property, $8,420. Paid rent on office and equipment for the month, $3,640. Paid creditors on account, $1,350. Billed customers for fees earned for managing rental property, $6,740. Paid automobile expenses (including rental charges) for the month, $810, and miscellaneous expenses, $400. Paid office salaries, $2,560. Determined that the cost of supplies on hand was $1,750; therefore, the cost of supplies used was $1,210. Withdrew cash for personal use, $2,430. Please create a balance sheet (assetts vs liabilities)
On June 1 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 $30,000 from personal funds. Purchased office supplies on account, $2,960. Received cash from fees earned for managing rental property, $8,420. Paid rent on office and equipment for the month, $3,640. Paid creditors on account, $1,350. Billed customers for fees earned for managing rental property, $6,740. Paid automobile expenses (including rental charges) for the month, $810, and miscellaneous expenses, $400. Paid office salaries, $2,560. Determined that the cost of supplies on hand was $1,750; therefore, the cost of supplies used was $1,210. Withdrew cash for personal use, $2,430. Please create a balance sheet (assetts vs liabilities)
Chapter3: Income Sources
Section: Chapter Questions
Problem 79P
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On June 1 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 $30,000 from personal funds.
- Purchased office supplies on account, $2,960.
- Received cash from fees earned for managing rental property, $8,420.
- Paid rent on office and equipment for the month, $3,640.
- Paid creditors on account, $1,350.
- Billed customers for fees earned for managing rental property, $6,740.
- Paid automobile expenses (including rental charges) for the month, $810, and miscellaneous expenses, $400.
- Paid office salaries, $2,560.
- Determined that the cost of supplies on hand was $1,750; therefore, the cost of supplies used was $1,210.
- Withdrew cash for personal use, $2,430.
Please create a
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT