dio. The following transactions occurred during September 2021: tember 2 J. Jacob inherited $80,000 and deposited the cash in the business bank account. 3 8 10 15 18 23 26 29 30 ormation: Performed services for a client and received cash for $28,000. Paid off the beginning balance of accounts payable. Purchased supplies on account, $10,000. Collected cash from customer on account $4,000. Paid salaries of employees, 16,800. Consulted on the interior design of office building and billed the clients for services rendered 96,000. Recorded the following business expenses for the month: office rent, 18,000 and Advertising expense, $4,000. Sold supplies to another business for $3,000 cash which was the cost of the supplies. Withdrew cash of $10,000 for personal use.

dio. The following transactions occurred during September 2021: tember 2 J. Jacob inherited $80,000 and deposited the cash in the business bank account. 3 8 10 15 18 23 26 29 30 ormation: Performed services for a client and received cash for $28,000. Paid off the beginning balance of accounts payable. Purchased supplies on account, $10,000. Collected cash from customer on account $4,000. Paid salaries of employees, 16,800. Consulted on the interior design of office building and billed the clients for services rendered 96,000. Recorded the following business expenses for the month: office rent, 18,000 and Advertising expense, $4,000. Sold supplies to another business for $3,000 cash which was the cost of the supplies. Withdrew cash of $10,000 for personal use.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 25P

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