Determined that the cost of supplies on hand

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Reference no: EM131219732

On April 1, 2014 Maria Adams etablished Custom Realty. Maria completed the following transactions during the month of Aplril

A. Opened a business bank account with a deposit of $24,000 from personal funds

B. Paid rent on office and equipment for the month $3,600

C. Paid automobile expenses (including rental charge) for month $1,350 and misc. expenses $600

D. Purchased office supplies on account $1,200

E. Earned sales commissions, recieving cash $19,800

F. Paid creditor on account $ 750

G. Paid office salaries $2,500

H. withdrew cas for personal use $3,500

I. Determined that the cost of supplies on hand was $300; therefore; the cost of supplies used was $ 900

1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings

Assets = Liabilities + Owners Equity

Cash + Supplies = Accounts Payable + Capital - Drawing + sales Commissions - Rent - Salaries - Auto - Supplies - Misc.

2. Prepare an income statement for April, a statement of owners equity for April, and a nbalance sheet as of April 30

Reference no: EM131219732

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Determined that the cost of supplies on hand : On April 1, 2014 Maria Adams etablished Custom Realty. Maria completed the following transactions during the month of Aplril. Determined that the cost of supplies on hand was $300; therefore; the cost of supplies used was $ 900. Prepare an income sta..

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