Texts: Can anyone help me with this?
Transactions On April 1 of the current year, Morgan Jones opened a business bank account with a deposit of $36,000 in exchange for common stock. b. Purchased office supplies on account, $2,170. c. Received cash from fees earned for managing rental property, $6,030. d. Paid rent on office and equipment for the month, $2,670. e. Paid creditors on account, $990. f. Billed customer for fees earned for managing rental property, $590. and expenses, $300. g. Paid automobile expenses for the month, $590. and fees, $300. h. Paid office salaries, $1,880.
The completed transactions during April:
j. Paid dividend, $1,780.
Required:
1. Indicate the effect of each transaction and the balances after each transaction.
For those boxes in which you can't see the numbers clearly, please refer to the corrected version below:
Equity Sales Revenue Cash Accounts Receivable Rent Miscellaneous Expenses
$36,000 $36,000
b. $2,170 $2,170
$36,000 $2,170 $2,170 $36,009
c. $6,030 $6,030
$42,030 d. $2,670
$2,170 $2,170 $36,000 $6,030 $2,670
e. $990 $990
$39,530 $3,450 $1,180 $36,000 $6,039
f. $4,940 $4,960
$39,530 $4,940 $3,450 $1,880 $36,000 $1,090 $2,670
g. $890 $890
$38,120 $7,840 $3,450 $990 $36,000 $1,090 $2,670 $940
h. $1,880
$36,240 $2,980 $7,840 $3,450 $990 $36,000 $1,090 $2,670 $2,980 $940 $470
$35,140 $7,840 $2,540 $1,880 $300 $90 $17,170 $4,230 $2,980 $1,410 $940 $470
$32,320 $7,840 $2,540 $1,880 $36,000 $1,780 $17,170 $4,230 $2,960 $1,410 $940 $470
2. Stockholders' equity is the right of stockholders (owners) to the assets of the business. These rights are increased by issuing common stock and revenues and decreased by dividends and expenses.
