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Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $41,000 from personal funds. b. Purchased office supplies on account, $2,770. c. Received cash from fees earned for managing rental property, $7,760. d. Paid rent on office and equipment for the month, $3,400 e. Paid creditors on account, $1,260. f. Billed customers for fees earned for managing rental property, $6,290. 9. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $380. h. Paid office salaries, $2,390. i. Determined that the cost of supplies on hand was $1,640; therefore, the cost of supplies used was $1,130. j. Withdrew cash for personal use, $2,260. 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 Item Cash Accounts Receivable Supplies Accounts Payable Chad Wilson, Owner's Equity Chad Wilson, + 41,000 Capital Drawing Fees Earned - Rent Expense - Salaries Supplies 41,000 V Expense Expense - Auto Expense - Misc. Expense 2,770 2,770 41,000 2,770 2,770 41,000 7,760 Bal. 48,760 7,760 2,770 2,770 41,000 -3,400 7,760 Bal. 45,360 3,400 X 2,770 2,770 41,000 V 1,260 7,760 3,400 X 1,260 Bal. 44,100 2,770 V 1,510 41,000 V 6,290 V 7,760 3,400 X 44,100 6,290 V 6,290 V 2,770 1,510 41,000 -1,130 14,050 3,400 X Bal. 42,970 6,290 2,770 1,510 41,000 V 750 380 X -2,390 14,050 3,400 X 750 X 380 X Bal. 40,580 6,290 V 2,390 X 2,770 1,510 41,000 V 14,050 3,400 X 2,390 X 1,130 750 X 380 X Bal. 40,580 5,290 1,640 V 1,510 V 41,000 V 1,130 x 2,260 V 14,050 3,400 X 2,390 X 1,130 X 750 X 2,260 X 380 X 38,320 V 6,290 1,640 1,510 41,000 2,260 14,050 3,400 X 2,390 X Owner's equity is the right of owners to the assets of the business. These rights are 1,130 x 750 X 380 x by owner's investments and revenues and Determine the net income for June. by owner's withdrawals and expenses 4. June's transactions (a-j) increased or decreased Chad Wilson's capital to? to $ Feedback Check My Work 1. Review Transactions (a) to (h) 2. Owner's equity represents the equation, yet cause it to remain in balance overall. increase the rights of the owne 3. Net income is the excess of revenues over expenses. expenses, the owner's equity decreases. 4. Beginning Owner's Equity + Investments - Withdrawals + Revenue - Expenses = Ending Owner's Equity