Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / On August 1 2006 Shad Menard established Centillion Realty Shad completed the following tr...

On August 1 2006 Shad Menard established Centillion Realty Shad completed the following transactions during the month of August

On August 1, 2006, Shad Menard established Centillion Realty. Shad completed the following transactions during the month of August: a. Opened a business bank account with a deposit of $15,000 from personal funds. b. Paid rent on office and equipment for the month, $2,400. c. Paid automobile expenses (including rental charge) for month, $750, and miscellaneous expenses, $380. d. Purchased supplies (pens, file folders, and copy paper) on account, $950. e. Earned sales commissions, receiving cash, $17,350. f. Paid creditor on account, $580. g. Paid office salaries, $3,600. h. Withdrew cash for personal use, $1,500. i. Determined that the cost of supplies on hand was $275; therefore, the cost of supplies used was $675. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:  Explain the nature of each increase and decrease in owner s equity by an appropriate notation at the right of the amount. 2. Prepare an income statement for August, a statement of owner s equity for August, and a balance sheet as of August31.

Apr 20 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions