Lackawanna ACC105 Weekly Assignment

Question # 00810372 Posted By: Ferreor Updated on: 09/13/2021 08:13 AM Due on: 09/13/2021
Subject Education Topic General Education Tutorials:
Question
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On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April:

a. Opened a business bank account with a deposit of $60,000 in exchange for common stock.

b. Purchased office supplies on account, $1,800.

c. Received cash from fees earned for managing rental property, $22,300.

d. Paid rent on office and equipment for the month, $7,000.

e. Paid creditors on account, $1,100.

f. Billed customers for fees earned for managing rental property, $3,600.

g. Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000.

h. Paid office salaries, $4,000.

i. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550.

j. Paid dividends, $5,000.

Instructions:

1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

 

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