In June of this year, R. P. Bryan established a business under the P.0.1,2,3,4 name of Bryan Realty. The account headings are presented below. Transactions completed during the month follow.

a. Deposited $12,000 in a bank account entitled Bryan Realty.

b. Paid office rent for the month, $700.

c. Bought supplies consisting of stationery, folders, and stamps for cash, $364.

d. Bought office equipment consisting of a calculator, a personal computer, and a check writer on account from Baxter Company, $6,200.

e. Received bill from the Daily Times for advertising, $382.

f. Paid $900 to Baxter Company as part payment on purchase of office equip¬
ment recorded previously.
g. Earned sales commissions, receiving cash, $3,160 (Sales Commissions).
h. Received and paid bill for utilities, $148.
i. Paid bill for advertising recorded previously, $382.
j. Paid automobile expenses, $256 (Automobile Expense).
k. Bryan withdrew cash for personal use, $1,030.
Instructions 1. In the equation, complete the asset section and list the owner’s name above the term Capital.
2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenue, expenses, or a drawing.
3. Write the account totals from the left side of the equals sign and add them.
Write the account totals from the right side of the equals sign and add them.
If the two totals are not equal, first check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.

Transcribed Image Text:

Assets Cash + Supplies + = Liabilities + Accounts Payable Capital Owner's Equity + Revenue Expenses