question #1

Problem 1-1A
Transactions

Mandy Deal established a business on Sept 1 of this year to manage rental property. She completed the following transactions during September:

1. Opened a business bank account with a deposit of $40,000 in exchange for capital stock.
2. Purchased supplies (pens, file folders, and copy paper) on account, $2,200.
3. Received cash from fees earned for managing rental property, $6,000.
4. Paid rent on office and equipment for the month, $2,700.
5. Paid creditors on account, $1,000.
6. Billed customers for fees earned for managing rental property, $5,000.
7. Paid automobile expenses (including rental charges) for month, $600, and miscellaneous expenses, $300.
8. Paid office salaries, $1,900.
9. Determined that the cost of supplies on hand was $1,300; therefore, the cost of supplies used was $900.
10. Paid dividends, $1,800.

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

Item

Cash

+

Accounts Receivable

+

Supplies

=

Accounts Payable

+

Capital Stock

–

Dividends

+

Fees Earned

–

Rent Expense

–

Sal. Expense

–

Supp. Expense

–

Auto Expense

–

Misc. Expense

Item

a.

3.  Determine the net income for September. $  by $[removed][removed] 8 years ago 12.09.2013 3 Report Issue Answer(1) accountguru 4.8 (598) 4.8 (512) Chat Purchase the answer to view it NOT RATED problem_1-1a___mandy_deal.xlsx 8 years ago plagiarism checkPurchase $10 Bids(1) accountguru other Questions(10) Wk 5 Final-INF 337 Integrated Cost & Schedule Control Managerial Accounting HW Finance GBM 380 institutions paper MKTG-310 Consumer Behavior – Week 8 Final – Devry FOR ECO TUTOR Week 4 Beck Manufacturing and Plant Capacity – BUS 644 Operations Management – A+ Tutorial BUS 640 Managerial Economics – Week 6 Final Paper You need to give a 10 kg child Benadryl every 6 hours. The safe dose range for this medication is… Vector Calculus Applied Sciences Architecture and Design Biology Business & Finance Chemistry Computer Science Geography Geology Education Engineering English Environmental science Spanish Government History Human Resource Management Information Systems Law Literature Mathematics Nursing Physics Political Science Psychology Reading Science Social Science Home Homework Answers Blog Archive Tags Reviews Contact