On September, 1, 2015, Maria established Custom Realty. Mariah completed the fol

ID: 2421077 • Letter: O

Question

On September, 1, 2015, Maria established Custom Realty. Mariah completed the following transactions during the month of September:

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

b. Paid rent on office for the month , $3,600

c. Paid automobile expense for the month$1,350 and miscellanies expenses, $600.

d. Purchased office supplies on account, $1,200.

e. Earned sales commissions, receiving cash, $19,800.

f. Paid creditors on account, $1,200

g. Paid office salaries, $750.

h. Withdrew cash for personal use, $3,500.

i. Determined that the cost of supplies on hand was $300.

Required: You are required to indicate the effect of each transaction and the balances after all the transactions, using the accounting equation.

1. What is the balance of cash?

2. What is the balance of supplies?

3. What is the balance of accounts payable?

4. What is the balance of drawing?

5. What is the balance of fees earned?

6. What is the balance of supplies expense?

1. What is the balance of cash? $32800. Adding initiual deposit and sales comission and deducting all expenses and payments

2. What is the balance of supplies? $300. As Determined that the cost of supplies on hand was $300.

3. What is the balance of accounts payable?- NIL. Earlier purchased on account $1200 but later paid

4. What is the balance of drawing? $3500 h. Withdrew cash for personal use, $3,500.

5. What is the balance of fees earned? NIL There is no fees information in question

6. What is the balance of supplies expense? $1200 d. Purchased office supplies on account, $1,200.

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