PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! AS YOU CAN SEE I AM DONE

Question

PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! AS YOU CAN SEE I AM DONE WITH ALMOST HALF THE TABLE. I DIDN'T FIND A SINGLE AMOUNT FOR THE COLUMNS: RENT EXPENSE, SALARIES EXPENSE, SUPPLIES EXPENSE, AUTO EXPENSE, MISC EXPENSE. THE SAME QUESTIONS HAS BEEN ASKED MANY TIMES ON CHEGG, BUT ALL THE AMOUNTS POSTED FOR THOSE MISSING COLUMNS ARE WRONG IN EACH AND EVERY SINGLE POST, SO PLEASE DON'T COPY AND PASTE FROM ANY OF THEM. I LITERALLY CHEKCED EACH AND EVERY QUESTION AND NONE WERE CORRECT. DO IT PROPERLY AND PLEASE CHECK TO MAKE SURE THAT THE ANSWER IS CORRECT. THANK YOU.

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. 30000 30000 b. 1800 1800 Bal. 30000 1800 1800 30000 c. 10000 10000 Bal. 40000 1800 1800 30000 10000 d. -4500 Bal. 35500 1800 1800 30000 10000 e. -1250 -1250 Bal. 34250 1800 550 30000 10000 f. 16800 16800 Bal. 34250 16800 1800 550 30000 26800 g. -1730 Bal. 32520 16800 1800 550 30000 26800 h. -4000 Bal. 28520 16800 1800 550 30000 26800 i. -1120 Bal. 28520 16800 680 550 30000 26800 j. -7500 -7500 Bal. 21020 16800 680 550 30000 -7500 26800

Explanation / Answer

Solution:

Event Assets = Liabilities + Stockholder's Equity Cash + Accounts Receivables + Supplies = Accounts Payable Chad Wilson Capital - Chad Wilson Drawing + Fees Earned - Rent expense - Salaries Expense - Supplies Expense - Auto Expense - Misc Expense a $30,000.00 $30,000.00 b $1,800.00 $1,800.00 Bal. $30,000.00 $1,800.00 $1,800.00 $30,000.00 c $10,000.00 $10,000.00 Bal. $40,000.00 $1,800.00 $1,800.00 $30,000.00 $10,000.00 d -$4,500.00 $4,500.00 Bal. $35,500.00 $1,800.00 $1,800.00 $30,000.00 $10,000.00 $4,500.00 e. -$1,250.00 -$1,250.00 Bal. $34,250.00 $1,800.00 $550.00 $30,000.00 $10,000.00 $4,500.00 f. $16,800.00 $16,800.00 Bal. $34,250.00 $16,800.00 $1,800.00 $550.00 $30,000.00 $26,800.00 $4,500.00 g. -$1,730.00 $750.00 $980.00 Bal. $32,520.00 $16,800.00 $1,800.00 $550.00 $30,000.00 $26,800.00 $4,500.00 $750.00 $980.00 h. -$4,000.00 $4,000.00 Bal. $28,520.00 $16,800.00 $1,800.00 $550.00 $30,000.00 $26,800.00 $4,500.00 $4,000.00 $750.00 $980.00 i -$1,120.00 $1,120.00 Bal. $28,520.00 $16,800.00 $680.00 $550.00 $30,000.00 $26,800.00 $4,500.00 $4,000.00 $1,120.00 $750.00 $980.00 j -$7,500.00 $7,500.00 Bal. $21,020.00 $16,800.00 $680.00 $550.00 $30,000.00 $7,500.00 $26,800.00 $4,500.00 $4,000.00 $1,120.00 $750.00 $980.00

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