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1. On August 1 of the current year, Autumn Johnson established a business to manage rental property. She completed the followi a. Opened a business

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1. On August 1 of the current year, Autumn Johnson established a business to manage rental property. She completed the followi a. Opened a business bank account with a deposit of $50,000 from personal funds b. Purchased office supplies on account, $2,000 c. Recelved cash from fees earned for managing rental property. 55,390 d. Paid rent on office and equipment for the month, $2,390 e. Paid creditors on account, $880 f. Billed customers for fees earned for managing rental property, 54,420 g. Paid wutomobile expenses (including rental charges) for the month, $530, and miscellaneous expenses, 5270 h. Paid office salaries, 51,680 1. Determined that the cost of supplies on hand was $1,200; therefore, the cost of supplies used was $800 1. Withdrew cash for personal use, $1,590

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