Question

moblems eBook Calculator Print Item Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $31,000 from personal funds. b. Purchased office supplies on account, $3,160. c. Paid creditor on account, $2,000. d. Earned sales commissions, receiving cash, $32,240. e. Paid rent on office and equipment for the month, $6,320. f. Withdrew cash for personal use, $10,000. 9. Paid automobile expenses (including rental charge) for the month, $3,030, and miscellaneous expenses, $1,450. h. Paid office salaries, $3,800. 1. Determined that the cost of supplies on hand was $1,060; therefore, the cost of supplies used was $2,100. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Accounts Pat Glenn, = Payable pavable + Capital Owner's Equity Sales Office S - Rent Expense- Commissions Expel Cash Pat Glenn, Drawing + Supplies

Answer 1

Owner's Equity Liabilities Assets Par Glenn, Sales Supplies Expense Accounts Par Glenn, Office Sal. Auto Rent Misc. Cash Supplies Payable Capital Expense Drawing Comm. Expense Expense Expense 31000 31000 a. b. 3160 3160 Bal. 31000 31000 3160 3160 -2000 -2000 C. Bal. 31000 29000 3160 1160 d. 32240 32240 Bl. 61240 3160 1160 31000 32240 -6320 6320 e. Bal. 31000 32240 54920 3160 1160 6320 f. -10000 10000 Bal. 44920 3160 1160 31000 10000 32240 6320 3030 -4480 1450 g. Bal. 40440 3160 1160 31000 10000 32240 6320 3030 1450 h. -3800 3800 Bal. 1160 6320 3030 36640 3160 31000 10000 32240 3800 1450 i. -2100 2100 Bal. 36640 3800 3030 1060 1160 31000 10000 32240 6320 2100 1450 |이 |0 |+ +