Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on june 1 of the current year, chris bates establi

On June 1 of the current year, Chris Bates established a proprietorship to manage rental...

50.1K

Verified Solution

Question

Accounting

image On June 1 of the current year, Chris Bates established a proprietorship to manage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $25,000 in the name of Bates Realty. b. Purchased office supplies on account, \$2,240. c. Received cash from fees earned for managing rental property, $6,290. d. Paid rent on office and equipment for the month, $2,750. e. Paid creditors on account, $1,020. f. Billed customers for fees earned for managing rental property, $5,090. g. Paid automobile expenses for month, $610, and miscellaneous expenses, $310. h. Paid office salaries, $1,930. i. Determined that the cost of supplies on hand was $1,320; therefore, the cost of supplies used was $920. j. Withdrew cash for personal use, $1,830. Required

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students