Question
On March 1, 2008, Kara Frantz established Mudcat Realty, which completed the following transactions during the month: a. Kara Frantz transferred cash from a personal
On March 1, 2008, Kara Frantz established Mudcat Realty, which completed the following transactions during the month: a. Kara Frantz transferred cash from a personal bank account to an account to be used for the business, $15,000. b. Paid rent on office and equipment for the month, $2,500. c. Purchased supplies on account, $850. d. Paid creditor on account, $400. e. Earned sales commissions, receiving cash, $15,750. f. Paid automobile expenses (including rental charge) for month, $2,400, and miscellaneous expenses, $600. g. Paid office salaries, $3,250. h. Determined that the cost of supplies used was $575. i. Withdrew cash for personal use, $1,000.
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