On March 1, 2008, Ginny Tyler established Seltzer Realty. Ginny completed the following transactions during the month of March:

a. Opened a business bank account with a deposit of \(\$ 30,000\) in exchange for capital stock.

b. Purchased supplies (pens, file folders, paper, etc.) on account, \(\$ 2,650\).

c. Paid creditor on account, \(\$ 1,500\).

d. Earned sales commissions, receiving cash, \(\$ 36,750\).

e. Paid rent on office and equipment for the month, \(\$ 5,200\).

f. Paid dividends of \(\$ 8,000\).

g. Paid automobile expenses (including rental charge) for month, \(\$ 2,500\), and miscellaneous expenses, \(\$ 1,200\).

h. Paid office salaries, \(\$ 9,250\).

i. Determined that the cost of supplies on hand was \(\$ 900\); therefore, the cost of supplies used was \(\$ 1,750\).

Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

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Assets Liabilities + Stockholders' Equity Accounts Capital Sales Office Salaries Rent Auto Supplies Misc. Cash + Supplies = Expense Payable + Stock - Dividends + Commissions Expense - Expense - Expense Expense 2. Prepare an income statement for March, a retained earnings statement for March, and a balance sheet as of March 31.