Transactions
Amy Austin established an insurance agency on March of the current year and completed the following transactions during March:
a Opened a business bank account with a deposit of $ in exchange for common stock.
b Purchased supplies on account, $
c Paid creditors on account, $
d Received cash from fees earned on insurance commissions, $
e Paid rent on office and equipment for the month, $
f Paid automobile expenses for month, $ and miscellaneous expenses, $
g Paid office salaries, $
h Determined that the cost of supplies on hand was $; therefore, the cost of supplies used was $
i Billed insurance companies for sales commissions earned, $
j Paid dividends, $
Required:
Indicate the effect of each transaction and the balances after each transaction. If an amount box does not require an entry, leave it blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Example:
tablessets,,,, Liabilitie,,,,,,StcAccounts,,,,Accounts,,Common,,,Fees,RentItemCash,Receivable,Supplies,Payable,Stock,Dividends,Earned,Expense
a
b
Bal.
c
