C.) On March 1, 2020, Michael Kerrigan established a house arrangement businessunder the name Michael Repairs. During this march there were the followingtransactions:TransactionsTo open the business, he deposited $60,000 of his personal funds as andateMarch1roinvestment.He bought equipment for $7,000 on credit.He bought office supplies for $1,000 in cash.He received income from renting a property for $4,000 in cash.He paid for basic services for $400.00.He paid $900 of the equipment purchased on credit.He received income from managing a building's rent for $7,000 in cash.He provided a $2,000 repair advisory service to a client on credit.30 He paid his secretary a salary for $5, 000.He made a $200.00 withdrawal for his personal use.He paid advertising expenses for $2,500.37101220223031A. Make journal entries.B. Records the transfer to the ledger.C. Prepare a test balance.

Journal entries Date Accounts and…

On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael Repairs. During this march there were the following transactions: Transactions To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $7,000 on credit. He bought office supplies for $1,000 in cash. He received income from renting a property for $4,000 in cash. He paid for basic services for $400.0o. He paid $900 of the equipment purchased on credit. He received income from managing a building's rent for $7,000 in cash. He provided a $2,000 repair advisory service to a client on credit. He paid his secretary a salary for $5, 000. He made a $200.00 withdrawal for his personal use. He paid advertising expenses for $2,500. date March 10 3 5 7 10 12 20 22 30 30 31 A. Make journal entries. B. Records the transfer to the ledger. C. Prepare a test balance.

On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael Repairs. During this march there were the following transactions: Transactions To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $7,000 on credit. He bought office supplies for $1,000 in cash. He received income from renting a property for $4,000 in cash. He paid for basic services for $400.0o. He paid $900 of the equipment purchased on credit. He received income from managing a building's rent for $7,000 in cash. He provided a $2,000 repair advisory service to a client on credit. He paid his secretary a salary for $5, 000. He made a $200.00 withdrawal for his personal use. He paid advertising expenses for $2,500. date March 10 3 5 7 10 12 20 22 30 30 31 A. Make journal entries. B. Records the transfer to the ledger. C. Prepare a test balance.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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