eBook Print Item Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $34,000 from personal funds. b. Purchased office supplies on account, $3,470. c. Paid creditor on account, $2,190. d. Earned sales commissions, receiving cash, $35,390. e. Paid rent on office and equipment for the month, $6,940. f. Withdrew cash for personal use, $11,000. g. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. h. Paid office salaries, $4,180. i. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets Liabilities + Owner's Equity 2. Prepare an income statement for July. Half Moon Realty Income Statement For the Month Ended July 31, 2019 Sales commissions Expenses: Rent expense Office salaries expense Automobile expense Supplies expense Miscellaneous expense Total expenses Net income Prepare a statement of owner's equity for July. If an amount is zero, enter "0". Half Moon Realty Statement of Owner's Equity For the Month Ended July 31, 2019 Pat Glenn, capital, July 1, 2019 Investment on July 1, 2019 Net income for July Withdrawals Increase in owners equity Pat Glenn, capital, July 31, 2019 Prepare a balance sheet as of July 31. Half Moon Realty Balance Sheet July 31, 2019 Assets Cash Supplies Total assets Liabilities Accounts payable Owner's Equity Pat Glenn, capital Total liabilities and owner's equity