Established a business to manage rental property

Reference no: EM131000126

On June 1 of the current year, Bret Eisen established a business to manage rental property. He completed the following transactions during June:

Opened a business bank account with a deposit of $30,000 in exchange for capital stock.
Purchased office supplies on account, $1,200.
Received cash from fees earned for managing rental property, $7,200.
Paid rent on office and equipment for the month, $3,000.
Paid creditors on account, $750.
Billed customers for fees earned for managing rental property, $5,000.
Paid automobile expenses (including rental charges) for month, $600, and miscellaneous expenses, $300.
Paid office salaries, $1,800.
Determined that the cost of supplies on hand was $700; therefore, the cost of supplies used was $500.
Paid dividends $1,500

Reference no: EM131000126

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