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 $30,000 from personal funds.

Purchased office supplies on account, $1,800.

Received cash from fees earned for managing rental property, $10,000.

Paid rent on office and equipment for the month, $4,500.

Paid creditors on account, $1,250.

Billed customers for fees earned for managing rental property, $16,800.

Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980.

Paid office salaries, $4,000.

Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120.

Withdrew cash for personal use, $7,500.

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.

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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

increased/decreased by owner's investments and revenues and increased/decreased by owner's withdrawals and expenses.

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

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

Increased/Decreased $ fill in the blank