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On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: Opened a

On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June:

Opened a business bank account with a deposit of $33,000 from personal funds.

Purchased office supplies on account, $1,890.

Received cash from fees earned for managing rental property, $5,380.

Paid rent on office and equipment for the month, $2,320.

Paid creditors on account, $860.

Billed customers for fees earned for managing rental property, $4,300.

Paid automobile expenses (including rental charges) for the month, $520, and miscellaneous expenses, $260.

Paid office salaries, $1,630.

Determined that the cost of supplies on hand was $1,120; therefore, the cost of supplies used was $770.

Withdrew cash for personal use, $1,550.

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1 more Check My Work uses remaining. These rights are increased by owner's investments and revenues and decreased by owner's withdrawals and expenses. 2. Owner's equity is the right of owners to the assets of the business. These rights are by owner's withdrawals and expenses. 3. Determine the net income for June. 3. Determine the net income for June. $ 4. June's transactions (a-j) increased or decreased Pamela Schatz's capital to? to $

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