Accounts Exercise

by Fatima
(Philippines)

On March 1, 2008, Giny Tyler established Seltzer Reality. Ginny completed the following transactions during the month of March:


a. Opened a business bank account with a deposit of 30,000 from personal funds.
b. Purchased supplies (pens, file folders, papers, etc.) on account, 2,650.
c. Paid creditor on account, 1,500.
d. Earned sales commissions, receiving cash, 36,750.
e. Paid rent on office and equipment for the month, 5,200.
f. Withdrew cash for personal use, 8,000.
g. Paid automobile expenses (including rental charge) for month, 2,500, and miscellaneous expenses, 1,200.
h. Paid office salaries, 9,250.
i. Determined that the cost of supplies on hand was 900; therefore, the cost of supplies used was 1,750.

Indicate the effect of each transaction.

Comments for Accounts Exercise

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Answers March 01 2008 transactions
by: Anonymous

a). Cash on hand.......30,000.00
Investment.................30,000.00
To record investment by owner.

b). Supplies...............2,650.00
Accounts Payable..............2,650.00
To record purchase supplies on account.

c). Accounts Payable........1,500.00
Cash.........................1,500.00
To record payment to creditor.

d). Cash....................36,750.00
Sale commission................36,750.00
To record earned sale commission.

e). Rent expense...............5,200.00
Cash.............................5,200.00
To record paid for office and equipment rental

f). Withdraw................8,000.00
Cash..........................8,000.00
To record withdraw by owner.

g). Rent expense...............2,500.00
Miscellaneous expense......1,200.00
Cash............................3,700.00
To record payment for automobile & miscellaneous expense.

h). Salaries expense.........9,250.00
Cash..........................9,250.00
To record payment for office staff salaries.

i). Supplies expense............1,750.00
Supplies on hand.................1,750.00
To record supplies expense for march


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