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On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June:_______.
Opened a business bank account with a deposit of $25,000 from personal funds.
Purchased office supplies on account, $2,600.
Received cash from fees earned for managing rental property, $7,030.
Paid rent on office and equipment for the month, $3,190.
Paid creditors on account, $1,180.
Billed customers for fees earned for managing rental property, $5,910.
Paid automobile expenses (including rental charges) for the month, $710, and miscellaneous expenses, $350.
Paid office salaries, $2,250.
Determined that the cost of supplies on hand was $1,540; therefore, the cost of supplies used was $1,060.
Withdrew cash for personal use, $2,130.
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)

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jepessoa

Answer:

Opened a business bank account with a deposit of $25,000 from personal funds.

Dr Cash 25,000

    Cr Schatz, Pamela, capital 25,000

the account balances:

Cash 25,000

Schatz, Pamela, capital 25,000

Purchased office supplies on account, $2,600.

Dr Supplies 2,600

    Cr Accounts payable 2,600

the account balances:

Supplies 2,600

Accounts payable 2,600

Received cash from fees earned for managing rental property, $7,030.

Dr Cash 7,030

    Cr Service revenue 7,030

the account balances:

Cash 32,030

Service revenue 7,030

Paid rent on office and equipment for the month, $3,190.

Dr Rent expense 3,190

    Cr Cash 3,190

the account balances:

Cash 28,840

Rent expense 3,190

Paid creditors on account, $1,180.

Dr Accounts payable 1,180

    Cr Cash 1,180

the account balances:

Cash 27,660

Accounts payable 1,420

Billed customers for fees earned for managing rental property, $5,910.

Dr Accounts receivable 5,910

    Cr Service revenue 5,910

the account balances:

Accounts receivable 5,910

Service revenue 12,940

Paid automobile expenses (including rental charges) for the month, $710, and miscellaneous expenses, $350.

Dr Rent expense 710

Dr Miscellaneous expenses 350

    Cr Cash 1,060

the account balances:

Cash 26,600

Rent expense 3,900

Miscellaneous expenses 350

Paid office salaries, $2,250.

Dr Wages expense 2,250

    Cr Cash 2,250

the account balances:

Cash 24,350

Wages expense 2,250

Determined that the cost of supplies on hand was $1,540; therefore, the cost of supplies used was $1,060.

Dr Supplies expense 1,060

    Cr Supplies 1,060

the account balances:

Supplies 1,540

Supplies expense 1,060

Withdrew cash for personal use, $2,130.

Dr Schatz, Pamela, drawings 2,130

    Cr Cash 2,130

the account balances:

Cash 22,220

Schatz, Pamela, capital 22,870

anthougo

An indication of the effect of each transaction and the account balances are as follows:

Transaction                     Assets =                 Liabilities          + Capital

1.                                       $25,000                                          $25,000

Account balances         $25,000                     $0                $25,000

2.                                        $2,600                   $2,600

Account balances         $27,600                    $2,600         $25,000

3.                                        $7,030                                            $7,030

Account balances        $34,630                   $2,600          $32,030

4.                                          -3,190                                           -$3,190

Account balances         $31,440                  $2,600          $28,840

5.                                        -$1,180                    -$1,180

Account balances        $30,260                    $1,420         $28,840

6.                                       $5,910                                            $5,910

Account balances        $36,170                    $1,420         $34,750

7.                                         -$710                                              -$710

Account balances       $35,460                   $1,420         $34,040

8.                                       -$350                                             -$350

Account balances        $35,110                   $1,420         $33,690

9.                                   -$2,250                                         -$2,250

Account balances     $32,860                    $1,420         $31,440

10.                                 -$1,060                                          -$1,060

Account balances     $31,800                    $1,420       $30,380

11.                                  -$2,130                                          -$2,130

Account balances    $29,670                   $1,420        $28,250

Transaction Analysis:

Cash $25,000 Common Stock $25,000

Office supplies $2,600 Accounts Payable $2,600

Cash $7,030 Rental Fees $7,030

Rent Expenses $3,190 Cash $3,190

Accounts Payable $1,180 Cash $1,180

Accounts Receivable $5,910 Rental Fees $5,910

Automobile Expenses $710 Cash $710

Miscellaneous Expenses $350 Cash $350

Office Salaries Expenses $2,250 Cash $2,250

Supplies Expenses $1,060 Office Supplies $1,060

Drawings $2,130 Cash $2,130

Thus, based on the accounting equation, each transaction affects either the assets, liabilities, or capital.

Learn more about the effect of transactions on the accounting equation here: https://brainly.com/question/24560438

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