Accounts, Labels and Amount Descriptions

Accounting Equation Grid

Instructions

On August $1,20$Y$9,$ Brooke Kline established Western Realty as a proprietorship. Brooke completed the following transactions during the month of August:

a$.$ Opened a business bank account with a deposit of $$22,000$ in the name of Western Realty.

b$.$ Paid rent on office and equipment for the month, $$2,500.$

c$.$ Paid automobile expenses for month, $$1,350,$ and miscellaneous expenses, $$500.$

d$.$ Purchased supplies on account, $$1,150.$

e$.$ Earned sales commissions, receiving cash, $$18,000.$

f$.$ Paid creditor on account, $$650.$

Paid office salaries, $$2,900.$

h$.$ Paid cash to Maria Adams for personal use, $$3,000.$

Determined that the cost of supplies on hand was $$400$; therefore, the cost of supplies used was $$750.$