Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1 of the current year, Andri Kurniawan established a business to manage rental property. He completed the following transactions during April: a. Opened

On April 1 of the current year, Andri Kurniawan established a business to manage rental

property. He completed the following transactions during April:

a. Opened a business bank account with a deposit of Rp45,000,000 from personal funds.

b. Purchased office supplies on account, Rp2,000,000.

c. Received cash from fees earned for managing rental property, Rp8,500,000.

d. Paid rent on office and equipment for the month, Rp5,000,000

e. Paid creditors on a account Rp 1,375,000

f. Billed customers for fees earned for managing rental property, Rp11.250,000

g. Paid automobile expenses (including rental charges) for month, Rp840,000 and miscellaneous expenses, Rp900,000

h. Paid office salaries, Rp3,600,000

i. Determined that the cost of supplies on hand was Rp550,000; therefore, the cost of supplies used was Rp1,450,000

j. Withdrew cash for personal use, Rp2,000,000.

Question : Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction To Concepts Methods And Uses

Authors: Clyde P. Stickney, Roman L. Weil

9th Edition

0030259622, 978-0030259623

More Books

Students also viewed these Accounting questions

Question

Briefly explain the accounting treatment for sales returns.

Answered: 1 week ago