12/4/2020 OBJ. 4 Print Preview Describe and illustrate how business transactions can be recorded in terms of the resultingchange in the elements of the accounting equation., OBJ. 5 - Describe the financial statements of a proprietorship and explain how they interrelate. On April 1, 20Y7, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $24,000 from personal funds. b. Paid rent on office and equipment for the month, $3,600. c. Paid automobile expenses (including rental charge) for the month, $1,350, and miscellaneous expenses, $600. d. Purchased office supplies on account, $1,200. e. Earned sales commissions (revenue) from selling real estate, receiving cash, $19,800. f. Paid creditor on account, $750. g. Paid office salaries, $2,500. h. Withdrew cash for personal use, $3,500. i. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets -Liabilities + Maria Maria Accounts Adams, Adams, Owner's Equity Sales Rent Salaries Auto Supplies Misc Cash+Supplies Payable Capital Drawing + Commissions Expense Expense Expense Expense - Expense 2. Prepare an income statement for April, a statement of owner's equity for April, and a balance sheet as of April 30