Question

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 $20,000 from personal funds. b. Purchased office supplies on account, $2,030. c. Paid creditor on account, $1,290. d. Earned sales commissions, receiving cash, $20,760. e. Paid rent on office and equipment for the month, $4,070 f. Withdrew cash for personal use, $6,000. 9. Paid automobile expenses (including rental charge) for the month, $1,950, and miscellaneous expenses, $930. h. Paid office salaries, $2,450. i. Determined that the cost of supplies on hand was $690; therefore, the cost of supplies used was $1,340. 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 Owner's Equity Cash - Liabilities + Accounts = Payable + Supplies Pat Glenn, Capital Pat Glenn, Drawing Sales Commissions Rent Expense Office Salaries Expense Auto Expense Suppl Exper Check My Work more Check My Won teren Previous

Answer 1

Pat glenn on july 1 2019 has deposited $20000 in business account , the transactions during the month with the balances are shown as per the format in the attachment with the step by step working and the balances after the all transaction for the month of july 2019 (i.e after i transaction )

cash	supplies	account payable	pat glenn capital	sales commissiom	pat glenn drawings	rent expense	office salaries expense	auto exp	supplier exp	miss exp
$24070	$690	$740	$20000	$20760	-$6000	-$4070	-$2450	-$1950	-$1340	-$930
balance on the last date of july 2019

all the working step by step in attachment.