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    Accounting transactions - effects on financial statements

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    Duane Mays established an insurance agency on July 1 of the current year and completed the following transactions during July.
    a, opened a business bank account with a deposit of $18,000 from personal funds.
    b-purchased supplies on account. 950.00
    c-paid creditors on account 575.00
    d recieved cash from fees earned on insurance commissions, 4,250
    e- paid rent on office and equipment for the month- 1,200
    f paid automobile expenses for month, 600 and miscellaneous expenses 375
    g paid sallaries 1,500
    h determined that the cost of supplies on hand was 225 therefore, the cost of supplies used was 725
    i- billed insurance companies for sales commissions earned-6,350
    j- withdrew cash for personal use, 2,0000

    cash balance at the end of july-16,000
    indicate the effect of each transaction and the balances after each transaction, using the following tabular heardings

    Assets= Liabilities+owners equity

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