Chapter 1 Homework Transactions; Financial Statements #Bock On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August: a. Opened a business bank account with a deposit of $28,000 in exchange for common stock. b. Purchased supplies on account, $2,800. c. Paid creditor on account, $1,770. d. Earned sales commissions, receiving cash, $28,560. e. Paid rent on office and equipment for the month, $5,600. f. Paid dividends, $9,000. g. Paid automobile expenses for month, $2,680, and miscelaneous expenses, $1,290 h. Paid office salaries, $3,370 Determined that the cost of supplies on hand was $940; therefore, the cost of supplies used was $1,060. Cengage Sha PM Chapter 1 Homework Assets - Bal. Book Liabilities + Stockholders' Equity Cash + Supplies = Accounts Payable + Common Stock -Dividends + Sales Commissions Rent Expense- Salaries Auto Expense Expense - Supplies Miscellaneous Expense Previous Feedback Check My Work 1. Review Transactions (a) to (h) summarized on page 16 in the text. Recall that the effec Learning Objective 4, Learning Objective 5. 2. Prepare an income statement for August. Western Realty Income Statement For the Month Ended August 31, 2018 Expenses: Total expenses 00 Prepare a retained earnings statement for August. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign Western Realty Retained Earnings Statement For the Month Ended August 31, 2018 Feedback 00 Prepare a balance sheet as of August 31. Western Realty Balance Sheet August 31, 2018 Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Feedback 0.000