Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property He completed the following transactions during June Opened a business bank account with a deposit of $41,000 from personal funds Purchased office supplies on account, $3,000 Received cash from fees earned for managing rental property, $8,320 Paid rent on office and equipment for the month, $3,680 Paid creditors on account, $1,360 Billed customers for fees earned for managing rental property, $6,820 Paid automobile expenses (including rental charges) for the month, $820, and miscellaneous expenses, $410 Paid office salaries, $2,590 Determined that the cost of supplies on hand was $1,770 therefore, the cost of supplies used was $1,230 Withdrew cash for personal use, $2,460 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 Accounts Receivable Supplies Accounts Payable Chad Wilson, Capital Chad Wilson, Drawing Fees Earned Rent Expense Salaries Expense Supplies Expense Auto Expense Misc Expense a b Bal c Bal d Bal e Bal f Bal g Bal h Bal i Bal j Bal 2 Owner's equity is the right of owners to the assets of the business These rights are by owner's investments and revenues and by owner's withdrawals and expenses 3 Determine the net income for June $ 4 June's transactions (a j) increased or decreased Chad Wilson's capital to to $

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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: Opened

Transactions

On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June:

Opened a business bank account with a deposit of $41,000 from personal funds.
Purchased office supplies on account, $3,000.
Received cash from fees earned for managing rental property, $8,320.
Paid rent on office and equipment for the month, $3,680.
Paid creditors on account, $1,360.
Billed customers for fees earned for managing rental property, $6,820.
Paid automobile expenses (including rental charges) for the month, $820, and miscellaneous expenses, $410.
Paid office salaries, $2,590.
Determined that the cost of supplies on hand was $1,770; therefore, the cost of supplies used was $1,230.
Withdrew cash for personal use, $2,460.

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

Accounts Receivable

Supplies

Accounts Payable

Chad Wilson, Capital

Chad Wilson, Drawing

Fees Earned

Rent Expense

Salaries Expense

Supplies Expense

Auto Expense

Misc. Expense

Bal.

2. Owner's equity is the right of owners to the assets of the business. These rights are by owner's investments and revenues and by owner's withdrawals and expenses.

3. Determine the net income for June. $

4. June's transactions (a-j) increased or decreased Chad Wilson's capital to? to $