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

Answer 1

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