TransactionsOn September 1 of the current year, Joy Tucker established abusiness to manage rental...TransactionsOn...

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Accounting

Transactions
On September 1 of the current year, Joy Tucker established abusiness to manage rental property. She completed the followingtransactions during September:
Opened a business bank account with a deposit of $38,000 inexchange for common stock.
Purchased office supplies on account, $2,440.
Received cash from fees earned for managing rental property,$6,830.
Paid rent on office and equipment for the month, $2,990.
Paid creditors on account, $1,110.
Billed customers for fees earned for managing rental property,$5,530.
Paid automobile expenses for month, $660, and miscellaneousexpenses, $330.
Paid office salaries, $2,100.
Determined that the cost of supplies on hand was $1,440;therefore, the cost of supplies used was $1,000.
Paid dividends $1,990.
Required:
1. Indicate the effect of each transaction andthe balances after each transaction:
For those boxes in which no entry is required, leave the boxblank.
For those boxes in which you must enter subtractive or negativenumbers use a minus sign. (Example: -300)
Assets = Liabilities + Stockholders' Equity
Item Cash + Accounts Receivable + Supplies = Accounts Payable + Common Stock - Dividends + Fees Earned - Rent Expense - Sal. Expense - Supp. Expense - Auto Expense - Misc. Expense Item
a. a.
b. b.
Bal. Bal.
c. c.
Bal. Bal.
d. d.
Bal. Bal.
e. e.
Bal. Bal.
f. f.
Bal. Bal.
g. g.
Bal. Bal.
h. h.
Bal. Bal.
i. i.
Bal. Bal.
j. j.
Bal. Bal.
2. Stockholders' equity is the right ofstockholders' to the assets of the business. These rights are byissuances of capital stock and revenues and by dividends andexpenses.
3. Determine the net income forSeptember.
$
4. How much did September's transactions (a-j)increase or decrease retained earnings?
by $

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Answer Item Assets Liabilities Stockholders Equity Cash Accounts Receivable Supplies Accounts Payable Common Stock Dividends Fees Earned Rent expenses Sal Expenses Supp Expense Auto Expense Misc Expense Explanation Receipt of common stock in cash would increase both cash and common stock The effect on accounting equiation after this transaction would be as follows a 38000 38000 See Answer

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In: AccountingTransactionsOn September 1 of the current year, Joy Tucker established abusiness to manage rental...TransactionsOn September 1 of the current year, Joy Tucker established abusiness to manage rental property. She completed the followingtransactions during September:Opened a business bank account with a deposit of $38,000 inexchange for common stock.Purchased office supplies on account, $2,440.Received cash from fees earned for managing rental property,$6,830.Paid rent on office and equipment for the month, $2,990.Paid creditors on account, $1,110.Billed customers for fees earned for managing rental property,$5,530.Paid automobile expenses for month, $660, and miscellaneousexpenses, $330.Paid office salaries, $2,100.Determined that the cost of supplies on hand was $1,440;therefore, the cost of supplies used was $1,000.Paid dividends $1,990.Required:1. Indicate the effect of each transaction andthe balances after each transaction:For those boxes in which no entry is required, leave the boxblank.For those boxes in which you must enter subtractive or negativenumbers use a minus sign. (Example: -300)Assets=Liabilities+Stockholders' EquityItemCash+Accounts Receivable+Supplies=Accounts Payable+Common Stock-Dividends+Fees Earned-Rent Expense-Sal. Expense-Supp. Expense-Auto Expense-Misc. ExpenseItema.a.b.b.Bal.Bal.c.c.Bal.Bal.d.d.Bal.Bal.e.e.Bal.Bal.f.f.Bal.Bal.g.g.Bal.Bal.h.h.Bal.Bal.i.i.Bal.Bal.j.j.Bal.Bal.2. Stockholders' equity is the right ofstockholders' to the assets of the business. These rights are byissuances of capital stock and revenues and by dividends andexpenses.3. Determine the net income forSeptember.$4. How much did September's transactions (a-j)increase or decrease retained earnings?by $