5,000 6. office equipment book value 4,000 1. Rental expense Selling price 5,000 + Cash 5,000 - Gain 1,000 0 Capital - J Ilagan 0 Capital - J Ilagan Asset - Real Estate Agency 1,000 Asset - Real Estate Agency -5,000 0 Liability - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency 0 Income - Real Estate Agency 1,000 Expense - Real Estate Agency +5,000 Expense - Real Estate Agency 0 3,000- 2. REVENUE 25,000 7. office supplies + Capital 3,000- Capital - J Ilagan 3,000- Cash 25,000+ Asset - Real Estate Agency 3,000 Capital - J Ilagan 0 Liability - Real Estate Agency 0 Asset - Real Estate Agency 25,000 Income - Real Estate Agency Expense - Real Estate Agency Liability - Real Estate Agency 0 Income - Real Estate Agency 25,000 Expense - Real Estate Agency 0 8. telephone expense 1,500.00+ 3. salaries expense 7,500 Cash 1,500.00- Cash 7,500- Capital - J Ilagan Asset - Real Estate Agency 1,500- Capital - J Ilagan Asset - Real Estate Agency 7,500- Liability - Real Estate Agency 0 Liability - Real Estate Agency 0 Income - Real Estate Agency Expense - Real Estate Agency 1,500+ Income - Real Estate Agency Expense - Real Estate Agency 7,500+ 9. advertising expense 500.00 Accounts payable 500.00 4. cash Capital - J Ilagan 0 100,000 + Asset - Real Estate Agency 0 J Ilagan capital Liability - Real Estate Agency 500+ 100,000+ Income - Real Estate Agency 0 Capital - J Ilagan Expense - Real Estate Agency 500+ 100,000 Asset - Real Estate Agency 100,000 10. ignore Capital - J Ilagan Liability - Real Estate Agency 0 Income - Real Estate Agency Asset - Real Estate Agency Expense - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 5. automobile 170,000+ J Ilagan Capital 170,000+ Capital - J Ilagan 170,000 11. repair supplies 1,000 Asset - Real Estate Agency 170,000 Unused repair supplies 850 150 Liability - Real Estate Agency Used repair supplies 0 Income - Real Estate Agency Capital - J Ilagan 150- Expense - Real Estate Agency Asset - Real Estate Agency Liability - Real Estate Agency 0 Income - Real Estate Agency 0 Expense - Real Estate Agency 150+Income statement Revenue 25,000 (2) 1,000 (6) 26,000 Less: Expenses (Operating Expenses) Rental Expense 5,000 (1) Salaries Expense 7,500 (3) Telephone Expense 1,500 (8) Advertising Expense 500 (9) Repair Supplies Expense or Used Repair Supplies 150 (11) 14,650 NET INCOME 11,350 Capital Statement Beginning Capital 100,000 (4) Add: Additional Investment 170,000 (5) Net Income 11,350 Total 281,350 Less: Withdrawal 3,000 (7) Net Loss 0 Ending Capital 278,350 Prepare the statement of financial position - j Uagay Prepare the statement of financial position - real estate agency