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I'm not sure where I messed up. So, i need ur help. Part 2. Accounting numeric field On June 1 of the current year, Chad
I'm not sure where I messed up. So, i need ur help.
Part 2.
Accounting numeric field On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $33,000 from personal funds. b. Purchased office supplies on account, $2,410 c. Received cash from fees earned for managing rental property, $6,600 d. Paid rent on office and equipment for the month, $2,960. e. Paid creditors on account, $1,100 f. Billed customers for fees earned for managing rental property, $5,480 g. Paid automobile expenses (including rental charges) for the month, $660, and miscellaneous expenses, $330. h. Paid office salaries, $2,080. i. Determined that the cost of supplies on hand was $1,420; therefore, the cost of supplies used was $990. j. Withdrew cash for personal use, $1,970. Required: 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) Liabilities+ Owner's Equity Chad Chad Supplies Expense Accounts Fees Rent Misc. Item +Ea Cash +Wilson,Wilson, + Receivable+ SuppliesAccounts Ex pense-Salar Expense arned Ex Expense Capital Drawing 33,000 33,000 2,410 33,000 6,600 39,600 2,960 36,640 1,100 35,550 33,000 C. Bal. 2,410 2,410 33,000 2,960 2,410 33,000 6,600 2,960 2,410 33,000 2,960 35,550 2,410 33,000 12,080 2,960 330 Ba 34,560 2,080 Ba 32,480 2,410 1,310 33,000 12,080 2,960 330 080 2,410 1,140 1,270 33,000 12,080 2,960 080 330 Ba32,480 1,310 33,000 12,080 2,960 2,080 1,270 330 1,970 1,970 Ba. 30,510 2Owner's equity is the right of owners to the assets of the business. These rights are increased 3. Determine the net income for June. 5,480 1,270 1,310 33,000 1,970 2,950 2,080 by owner's investments and revenues and decreased by owner's withdrawals and expenses. 4,790 4. June's transactions (a-) Increased or decreased Chad Wilson's capital to? Increased 2,820Step by Step Solution
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