Reference no: EM132949218
Question - Journal entries and trial balance - On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month:
a. Faith Schultz transferred cash from a personal bank account to an account to be used for the business, $20,000.
b. Paid rent on office and equipment for the month, $3,750.
c. Purchased supplies on account, $1,100.
d. Paid creditor on account, $400.
e. Earned sales commissions, receiving cash, $16,750.
f. Paid automobile expenses (including rental charge) for month, $1,000, and miscellaneous expenses, $700.
g. Paid office salaries, $2,150.
h. Determined that the cost of supplies used was $600.
i. Withdrew cash for personal use, $1,000.
Required - Determine the amount of net income for October.
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