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 $30,000 from personal funds.
purchased office supplies on account, $3,030.
paid creditor on account, $1,920.
earned sales commissions, receiving cash, $30,900.
paid rent on office and equipment for the month, $6,060.
withdrew cash for personal use, $10,000.
paid automobile expenses (including rental charge) for the month, $2,900, and miscellaneous expenses, $1,390.
paid office salaries, $3,650.
determined that the cost of supplies on hand was $1,020; therefore, the cost of supplies used was $2,010.
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 + 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.
b.
bal.
c.
bal.
d.
bal.
e.
bal.
f.
bal.
g.
bal.
h.
bal.
i.
bal.
2. prepare an income statement for july.
half moon realty
income statement
for the month ended july 31, 2019
$
expenses:
$
total expenses
$
prepare a statement of owner's equity for july. if an amount is zero, enter "0".