Question
Mia Stage, an interior designer, has been in business for 2 years and decided to opened an office on September 1, 2017. During the month,
Mia Stage, an interior designer, has been in business for 2 years and decided to opened an office on September 1, 2017. During the month, she completed the following transactions connected with her professional practice:
A. Transferred cash from a personal bank account to an account to be used for the business, $19,000.
- Purchased used automobile for $12,500, paying $2,500 cash and giving a note payable for the remainder.
- Paid September rent for office and workroom, $3,150.
- Paid cash for supplies, $1,250.
- Purchased office and computer equipment on account, $6,250.
- Paid cash for annual insurance policies on automobile and equipment, $2,400.
- Received cash from a client for plans delivered, $12,000.
- Paid cash to creditors on account, $1,700.
- Paid cash for miscellaneous expenses, $375.
- Received invoice for interior design programming service, due in November, $2,300.
- Recorded fees earned on plans delivered, payment to be received in November, $15,650.
- Paid salary of assistant, $2,300.
- Paid cash for newspaper advertisement, $300.
- Paid $200 on note payable.
- Paid repairs on office equipment for September, $550.
- Withdrew $2,000 for personal use
Statement of Owner's Equity (5 points) Mia Stage, Interior Design Statement of Owners Equity For Month Ending September 30, 2017 Mia Stage, Capital 19,000 Net Income 6,675 Withdraws (2,000) Increase in OE 4,675 Mia Stage, Capital Sept. 30, 2017 $23,675
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