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On August 1, 2015, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a
On August 1, 2015, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business, $17,500. b. Purchased supplies on account, $2,300. c. Earned fees, receiving cash, $13,300. d. Paid rent on office and equipment for the month, $3,000. e. Paid creditor on account, $1,150. f. Withdrew cash for personal use, $1,800. g. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400. h. Paid office salaries, $2,800. 1. Determined that the cost of supplies used was $1,050. neulandi 4. Determine the following: a. Amount of total revenue recorded in the ledger. 13,300 b. Amount of total expenses recorded in the ledger. 8,750 c. Amount of net income for August. 5. Determine the increase or decrease in owner's equity for August. Increase
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