Question
On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with
On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:
Opened a business bank account with a deposit of $34,000 in exchange for common stock. Purchased supplies on account, $3,450. Paid creditor on account, $2,180. Earned sales commissions, receiving cash, $35,160. Paid rent on office and equipment for the month, $6,890. Paid dividends, $11,000. Paid automobile expenses for month, $3,310, and miscellaneous expenses, $1,580. Paid office salaries, $4,150. Determined that the cost of supplies on hand was $1,160; therefore, the cost of supplies used was $2,290.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started