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Answer:
Opened a business bank account with a deposit of $25,000 from personal funds.
Dr Cash 25,000
Cr Schatz, Pamela, capital 25,000
the account balances:
Cash 25,000
Schatz, Pamela, capital 25,000
Purchased office supplies on account, $2,600.
Dr Supplies 2,600
Cr Accounts payable 2,600
the account balances:
Supplies 2,600
Accounts payable 2,600
Received cash from fees earned for managing rental property, $7,030.
Dr Cash 7,030
Cr Service revenue 7,030
the account balances:
Cash 32,030
Service revenue 7,030
Paid rent on office and equipment for the month, $3,190.
Dr Rent expense 3,190
Cr Cash 3,190
the account balances:
Cash 28,840
Rent expense 3,190
Paid creditors on account, $1,180.
Dr Accounts payable 1,180
Cr Cash 1,180
the account balances:
Cash 27,660
Accounts payable 1,420
Billed customers for fees earned for managing rental property, $5,910.
Dr Accounts receivable 5,910
Cr Service revenue 5,910
the account balances:
Accounts receivable 5,910
Service revenue 12,940
Paid automobile expenses (including rental charges) for the month, $710, and miscellaneous expenses, $350.
Dr Rent expense 710
Dr Miscellaneous expenses 350
Cr Cash 1,060
the account balances:
Cash 26,600
Rent expense 3,900
Miscellaneous expenses 350
Paid office salaries, $2,250.
Dr Wages expense 2,250
Cr Cash 2,250
the account balances:
Cash 24,350
Wages expense 2,250
Determined that the cost of supplies on hand was $1,540; therefore, the cost of supplies used was $1,060.
Dr Supplies expense 1,060
Cr Supplies 1,060
the account balances:
Supplies 1,540
Supplies expense 1,060
Withdrew cash for personal use, $2,130.
Dr Schatz, Pamela, drawings 2,130
Cr Cash 2,130
the account balances:
Cash 22,220
Schatz, Pamela, capital 22,870
An indication of the effect of each transaction and the account balances are as follows:
Transaction Assets = Liabilities + Capital
1. $25,000 $25,000
Account balances $25,000 $0 $25,000
2. $2,600 $2,600
Account balances $27,600 $2,600 $25,000
3. $7,030 $7,030
Account balances $34,630 $2,600 $32,030
4. -3,190 -$3,190
Account balances $31,440 $2,600 $28,840
5. -$1,180 -$1,180
Account balances $30,260 $1,420 $28,840
6. $5,910 $5,910
Account balances $36,170 $1,420 $34,750
7. -$710 -$710
Account balances $35,460 $1,420 $34,040
8. -$350 -$350
Account balances $35,110 $1,420 $33,690
9. -$2,250 -$2,250
Account balances $32,860 $1,420 $31,440
10. -$1,060 -$1,060
Account balances $31,800 $1,420 $30,380
11. -$2,130 -$2,130
Account balances $29,670 $1,420 $28,250
Transaction Analysis:
Cash $25,000 Common Stock $25,000
Office supplies $2,600 Accounts Payable $2,600
Cash $7,030 Rental Fees $7,030
Rent Expenses $3,190 Cash $3,190
Accounts Payable $1,180 Cash $1,180
Accounts Receivable $5,910 Rental Fees $5,910
Automobile Expenses $710 Cash $710
Miscellaneous Expenses $350 Cash $350
Office Salaries Expenses $2,250 Cash $2,250
Supplies Expenses $1,060 Office Supplies $1,060
Drawings $2,130 Cash $2,130
Thus, based on the accounting equation, each transaction affects either the assets, liabilities, or capital.
Learn more about the effect of transactions on the accounting equation here: https://brainly.com/question/24560438
