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abglé Iranslate C Log in to Clever page Enter text to search No results < > Options 1-3 Exercises& Problems Print nem Transactions; Financial Statements On July 1, 2019, Pat Glenn established Halif Moon Reaity. Pat completed the following transactions during the month of buly a. Opened a business bank account with a deposit of $22.000 from personal funds b. Purchased office supplies on account, $2,240. c. Paid creditor on account, $1,420. d. Earned sales commissions, receiving cash, $22,900. e. Paid rent on office and equipment for the month, $4,490. f. Withdrew cash for personal use, $7,000 Paid automobile expenses (ncluding rental charge) for the month, $2,150, and miscellanesous expenes, s . Determined that the cost of supplies on hand was s760; therefore, the cost of supplies used wes $1,480 Required: . Indicate the effect of each transaction and the balances after each transaction. For those boxes n which ne antry ie required, leeve the box blank t required, enter negative values negative numbers h. Paid office salaries, $2,700 which ne entry is required, leave the box blank. If required, enter negative values as

Answer 1

1.

	Assets			=	Liabilities					+	Owner's Equity
	Cash	+	Supplies	=	Accounts Payable	+	Pat Glenn, Capital	-	Pat Glenn, Drawing	+	Sales Commissions	-	Rent expense	-	Office Salaries expense	-	Auto expense	-	Supplies expense	-	Miscellaneous expense
a.	22000	+		=		+	22000	-		+		-		-		-		-		-
b.		+	2240	=	2240	+		-		+		-		-		-		-		-
Bal.	22000	+	2240	=	2240	+	22000	-		+		-		-		-		-		-
c.	-1420	+		=	-1420	+		-		+		-		-		-		-		-
Bal.	20580	+	2240	=	820	+	22000	-		+		-		-		-		-		-
d.	22900	+		=		+		-		+	22900	-		-		-		-		-
Bal.	43480	+	2240	=	820	+	22000	-		+	22900	-		-		-		-		-
e.	-4490	+		=		+		-		+		-	4490	-		-		-		-
Bal.	38990	+	2240	=	820	+	22000	-		+	22900	-	4490	-		-		-		-
f.	-7000	+		=		+		-	7000	+		-		-		-		-		-
Bal.	31990	+	2240	=	820	+	22000	-	7000	+	22900	-	4490	-		-		-		-
g.	-3180	+		=		+		-		+		-		-		-	2150	-		-	1030
Bal.	28810	+	2240	=	820	+	22000	-	7000	+	22900	-	4490	-		-	2150	-		-	1030
h.	-2700	+		=		+		-		+		-		-	2700	-		-		-
Bal.	26110	+	2240	=	820	+	22000	-	7000	+	22900	-	4490	-	2700	-	2150	-		-	1030
i.		+	-1480	=		+		-		+		-		-		-		-	1480	-
Bal.	26110	+	760	=	820	+	22000	-	7000	+	22900	-	4490	-	2700	-	2150	-	1480	-	1030

2.

Half Moon Realty
Income Statement
For the Month Ended July 31, 2019
Sales commissions		22900
Expenses:
Rent expense	4490
Office salaries expense	2700
Automobile expense	2150
Supplies expense	1480
Miscellaneous expense	1030
Total expenses		11850
Net income $		11050

Half Moon Realty
Statement of Owner's Equity
For the Month Ended July 31, 2019
Pat Glenn, capital, July 1, 2019		0
Capital brought in	22000
Net income for July	11050
Drawings	-7000
Net change during July		26050
Pat Glenn, capital, July 31, 2019 $		26050

Half Moon Realty
Balance Sheet
July 31, 2019
Assets
Cash	26110
Supplies	760
Total assets $	26870
Liabilities
Accounts payable	820
Owner's Equity
Pat Glenn, Capital	26050
Total liabilities and owner's equity $	26870

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