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Transactions On September 1 of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during September: a.
Transactions On September 1 of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during September: a. Opened a business bank account with a deposit of $45,000 in exchange for common stock b. Purchased office supplies on account, $1,950. c. Received cash from fees earned for managing rental property, $5,460. d. Pald rent on office and equipment for the month, $2,390. e. Paid creditors on account, $880. f. Billed customers for fees earned for managing rental property, $4,420. 9. Paid automobile expenses for month, $530, and miscellaneous expenses, $270. h. Paid office salaries, $1,680. i. Determined that the cost of supplies on hand was $1,150; therefore, the cost of supplies used was $500. 1. Pald dividends $1,590. 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 Stockholders' Equity Accounts Accounts Common Fees Rent Sal. Item Cash Supplies Dividends Receivable Payable Stock Earned Expense Expense + + Sur Expe b. Bal. Bal. d. Bal. e. Bal
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