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Determine the owners equity on June 30 On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed
Determine the owners equity on June 30
On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank ccount with a deposit of $28,000 from personal funds. b. Purchased office supplies on account, $2,320. c. Received cash from fees earned for managing rental property, $6,280. d. Paid rent on office and equipment for the month, $2,850. e. Paid creditors on account, $1,060. f. Billed customers for fees earned for managing rental property, $5,280. g. Paid automobile expenses (including rental charges) for the month, $630, and miscellaneous expenses, $320. h. Paid office salaries, $2,010. i. Determined that the cost of supplies on hand was $1,370; therefore, the cost of supplies used was $950. j. Withdrew cash for personal use, $1,900. On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank ccount with a deposit of $28,000 from personal funds. b. Purchased office supplies on account, $2,320. c. Received cash from fees earned for managing rental property, $6,280. d. Paid rent on office and equipment for the month, $2,850. e. Paid creditors on account, $1,060. f. Billed customers for fees earned for managing rental property, $5,280. g. Paid automobile expenses (including rental charges) for the month, $630, and miscellaneous expenses, $320. h. Paid office salaries, $2,010. i. Determined that the cost of supplies on hand was $1,370; therefore, the cost of supplies used was $950. j. Withdrew cash for personal use, $1,900Step by Step Solution
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