29 Jun Question Cody Macedo established an
Question
Cody Macedo established an insurance agency on January 1 of the current year and completed the following transactions during January:
(a) Opened a business bank account with a deposit of $75,000 in exchange for capital stock.
(b) Purchased supplies on account, $3,000.
(c) Paid creditors for account, $1,000.
(d) Received cash from fees earned on insurance commissions, $11,800.
(e) Paid rent on office and equipment for the month, $4,000.
(f) Paid automobile expenses for month, $600, and miscellaneous expenses, $200.
(g) Paid office salaries, $2,500.
(h) Determined that the cost of supplies on hand was $1,900; therefore, the cost of supplies used during the month was $1,100.
(i) Billed insurance companies for sales commissions earned, $12,500.
(j) Paid dividends, $5,000.
To Do:
1 In tabular form, indicate the effect each transaction has on the accounts. Calculate the balance of each account after all the transactions have been entered.
2 Using the account balances at the end of the month, prove the accounting equation is in balance.
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