Owen inherited $20,000 and invested the cash in the business. Performed services for a client and received cash of $700. Purchased supplies on account, $1,000 Invested personal cash of $1,000 in the business. Performed services to clients and received cash of $2,400 Paid office rent expenses, $ 900 and advertising expense $100. Withdrew cash of $1,800 for personal use

Owen inherited $20,000 and invested the cash in the business. Performed services for a client and received cash of $700. Purchased supplies on account, $1,000 Invested personal cash of $1,000 in the business. Performed services to clients and received cash of $2,400 Paid office rent expenses, $ 900 and advertising expense $100. Withdrew cash of $1,800 for personal use

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 22MCQ

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