Question

On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $29,000 from personal funds. Purchased office supplies on account, $2,960. Paid creditor on account, $1,880. Earned sales commissions, receiving cash, $30,250. Paid rent on office and equipment for the month, $5,930. Withdrew cash for personal use, $9,000. Paid automobile expenses (including rental charge) for the month, $2,840, and miscellaneous expenses, $1,360. Paid office salaries, $3,570. Determined that the cost of supplies on hand was $1,000; therefore, the cost of supplies used was $1,960.

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 Assets - Liabilities + Owner's Equity Accounts Pat Glenn,Pat Glenn, Sales Cash + Supplies = 29,000 29,000 Supplies Miscellaneous Expense Payable Capital Drawing Commissions mmissions Rent Expense Office Salaries Expense Expense Expense Bal. C. Bal Bal. e. Bal. Bal 9. Bal. Bal

Answer 1

Ans-

	Assets			=	Liabilities	+							Owner's Equity
	Cash	+	Supplies	=	Accounts Payable	+	Pat Glenn, Capital	-	Pat Glenn, Drawings	+	Sales Commission	-	Rent Expense	-	Office Salaries Expense	-	Auto Expense	-	Supplies Expense	-	Miscellaneous Expenses
a.	29,000	+		=		+	29,000	-		+		-		-		-		-		-
b.		+	2,960	=	2,960	+		-		+		-		-		-		-		-
Balance	29,000	+	2,960	=	2,960	+	29,000	-		+		-		-		-		-		-
c.	-1,880	+		=	-1,880	+		-		+		-		-		-		-		-
Balance	27,120	+	2,960	=	1,080	+	29,000	-		+		-		-		-		-		-
d.	30,250	+		=		+		-		+	30,250	-		-		-		-		-
Balance	57,370	+	2,960	=	1,080	+	29,000	-		+	30,250	-		-		-		-		-
e.	-5,930	+		=		+		-		+		-	5,930	-		-		-		-
Balance	51,440	+	2,960	=	1,080	+	29,000	-		+	30,250	-	5,930	-		-		-		-
f.	-9,000	+		=		+		-	9,000	+		-		-		-		-		-
Balance	42,440	+	2,960	=	1,080	+	29,000	-	9,000	+	30,250	-	5,930	-		-		-		-
g.	-4,200	+		=		+		-		+		-		-		-	2,840	-		-	1,360
Balance	38,240	+	2,960	=	1,080	+	29,000	-	9,000	+	30,250	-	5,930	-		-	2,840	-		-	1,360
h.	-3,570	+		=		+		-		+		-		-	3,570	-		-		-
Balance	34,670	+	2,960	=	1,080	+	29,000	-	9,000	+	30,250	-	5,930	-	3,570	-	2,840	-		-	1,360
i.		+	-1,960	=		+		-		+		-		-		-		-	1,960	-
Balance	34,670	+	1,000	=	1,080	+	29,000	-	9,000	+	30,250	-	5,930	-	3,570	-	2,840	-	1,960	-	1,360
	Assets $35,670			=	Liabilities $1,080	+	Owner's Capital $34,590

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