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On June 1 of the current year, Chris Bates established a proprietorship to manage rental property. The following transactions were completed during June: a. Opened
On June 1 of the current year, Chris Bates established a proprietorship to manage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $25,000 in the name of Bates Realty. b. Purchased office supplies on account, \$2,240. c. Received cash from fees earned for managing rental property, $6,290. d. Paid rent on office and equipment for the month, $2,750. e. Paid creditors on account, $1,020. f. Billed customers for fees earned for managing rental property, $5,090. g. Paid automobile expenses for month, $610, and miscellaneous expenses, $310. h. Paid office salaries, $1,930. i. Determined that the cost of supplies on hand was $1,320; therefore, the cost of supplies used was $920. j. Withdrew cash for personal use, $1,830. Required
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