On September 1 of the current year, Maria Edsall established a business to manag

Question

On September 1 of the current year, Maria Edsall established a business to manage rental property. She completed the following transactions during September:

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)

2. Briefly explain why the stockholders' investment and revenues increased stockholders' equity, while dividends and expenses decreased stockholders' equity.

The input in the box below will not be graded, but may be reviewed and considered by your instructor.

3. Determine the net income for September.

4. How much did September's transactions increase or decrease retained earnings?

Explanation / Answer

1. Assets = Liabilities + Owner

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