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 $34,000 from personal funds. purchased office supplies on account, $3,470. paid creditor on account, $2,200. earned sales commissions, receiving cash, $35,430. paid rent on office and equipment for the month, $6,940. withdrew cash for personal use, $11,000. paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. paid office salaries, $4,180. determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. 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.

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Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)