v2cengagenowcom onsOnline t Ch 1 Homework 3 Week 2 On April

v2.cengagenow.com onsOnline t Ch. 1 Homework 3 - Week 2 On April 1 of the current year, Andrea Byrd established a business to manage renital property. She completed the following transactions during April: a. Opened a business bank account with a deposit of $45,000 from personal funds. c. Received cash from fees earned for managing rental property, $8,s00. d. Paid rent on office and equipment for the month, $5,000 e. Paid creditors on account, $1,375 f. Billed customers for fees earned for managing rental property, $11,250. g. Paid automobile expenses for month, $840, and miscellaneous expenses h. Paid office salaries, $3,600. . Determined that the cost of supplies on hand was $ss0; therefore, the cost of supplies used was $1,450. j. Withdrew cash for personal use, $2,000. 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 + Andrea Andrea Accounts +Byrd,Byrd, Capital Drawing Item Cash + +Supplies Payable a. b. Bal. Bal. d. Bal. e. Previous Next Check My Work All work saved Save and Exit Submit Assignment for Grading Assignment Score: 18.32%

Solution

Cash Accounts Supplies Accounts Andrea Andrea Fees rent Salary supplies receivable payable byrd byrd earned expense expense expense capital Drawing a. 45,000 0 0 0 45,000 0 0 0 0 0 b. 0 0 2,000 2,000 0 0 0 0 0 0 bal 45,000 0 2000 2000 45,000 0 0 0 0 0 c. 8,500 0 0 0 0 0 8,500 0 0 0 bal 53,500 0 2000 2000 45,000 0 8500 0 0 0 d. -5,000 0 0 0 0 0 0 -5,000 0 0 bal 48,500 0 2000 2000 45,000 0 8500 -5000 0 0 e. -1,375 0 0 -1,375 0 0 0 0 0 0 bal 47,125 0 2000 625 45,000 0 8500 -5000 0 0 f. 0 11,250 0 0 0 0 11,250 0 0 0 bal 47,125 11250 2000 625 45,000 0 19750 -5000 0 0 g. -1740 0 0 0 0 0 0 0 0 0 Bal 45,385 11250 2000 625 45,000 0 19750 -5000 0 0 h. -3,600 0 0 0 0 0 0 0 -3,600 0 bal 41,785 11250 2000 625 45,000 0 19750 -5000 -3600 0 i. 0 0 -1450 0 0 0 0 0 0 -1,450 Bal 41,785 11250 550 625 45,000 0 19750 -5000 -3600 -1450 j. -2,000 0 0 0 0 -2,000 0 0 0 0 bal 39,785 11250 550 625 45,000 -2000 19750 -5000 -3600 -1450 Auto misc expense expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -840 -900 -840 -900 0 0 -840 -900 0 0 -840 -900 0 0 -840 -900