Lackawanna ACC105 Weekly Assignment

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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Rating:
5/
Solution: Lackawanna ACC105 Weekly Assignment