jill smith starts an apartment locator business that has the following
Jill Smith starts an apartment locator business that has the following transactions in the first month: a) Smith invests $35,000 of personal funds to start the business. b) She purchases on account office supplies costing $350. c) She pays cash of $30,000 to acquire a lot next to the campus. This will be the future home of the business. d) Smith locates apartments for client and receives cash of $1900. e) Smith pays $100 of the account payable she created in transaction (b). f) She pays $2000 of personal funds for a vacation. g) She pays cash for expenses for office rent, $400, and utilities, $100. h) The business sells office supplies to another business for its cost of $150. i) Smith with drawls cash of $1200 personal use. Account for these transactions and create a balance sheet as of the end ofthe month and income statement for the month on the next page.
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