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

1. Opened a business bank account with a deposit of $46,000 from personal funds.
2. Purchased office supplies on account, $2,590.
3. Received cash from fees earned for managing rental property, $7,110.
4. Paid rent on office and equipment for the month, $3,190.
5. Paid creditors on account, $1,180.
6. Billed customers for fees earned for managing rental property, $5,900.
7. Paid automobile expenses (including rental charges) for the month, $710, and miscellaneous expenses, $350.
8. Paid office salaries, $2,240.
9. Determined that the cost of supplies on hand was $1,530; therefore, the cost of supplies used was $1,060.
10. Withdrew cash for personal use, $2,120.

Required:

1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)

Assets

=

Liabilities

+

Owner's Equity

Item

Cash

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Accounts Receivable

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Supplies

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Accounts Payable

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Pamela Schatz, Capital

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Pamela Schatz, Drawing

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Fees Earned

-

Rent Expense

-

Salaries Expense

-

Supplies Expense

-

Auto Expense

-

Misc. Expense

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b.

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Bal.

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c.

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Bal.

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d.

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Bal.

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e.

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Bal.

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f.

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Bal.

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g.

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Bal.

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h.

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Bal.

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i.

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Bal.

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j.

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Bal.

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2. Owner's equity is the right of owners to the assets of the business. These rights are

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by owner's investments and revenues and

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by owner's withdrawals and expenses.

3. Determine the net income for June. $fill in the blank 231

4. June's transactions (a-j) increased or decreased Pamela Schatz's capital to?

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