Instructions On August 1, 2018, Brooke Kine established Woster Realty. Brooke completed the following transactions during the month of August. A. Opened a business bank account with a deposit of $24,000 in exchange for common stock B. Purchased office supplies on account, $2,100. C. Paid creditor on account, $1,200. D. Eamed sake commissions, receiving cash, $38,000 E. Paid rent on office and equipment for the month, $2,400 F. Pald dividends, 83,700 G. Pald automobile experten (including rental charge) for month, $3,200, and miscellaneous expertes, 1,700 Paid office salaries, 54,100 1. Determined that the cost of supplies on hand was $1,000; therefore, the cost of supplies used was $1,100. Required: 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each transaction row (rows indicated by a fotter), you must indicate the mathsin (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows incicated by Bal). Entries of 0 (zero) are not required and will be cleared if entered Required: 1. Indicate the effect of each transaction and the balances after each transaction, tosing the tabular headings in the exhibit betow. In each transaction row (rows indicated by a settor), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (2010) are not required and will be cleared I entered Assets =Liabilities Stockholders' Equity Accounts Common Sales Salaries Rent Auto Supplies Miscellaneous Cash #Payable - Stock Expense Supplies Dividends Commissions Expense Expense Expense Expense 2. a. Prepare an income staternion for August. Il a not loss has been incurred, enter that amount as a negative number using a minus sign Refor to the list of Labels, Accounts and Amount Descriptions for the exact wording of the answer crpions for text entries. Be sure to complete 16 statoment heading. You will not road to enter colonie () on the income statement 2. b. Prepare a retained earnings statement for August. Refer to the Ast of Labels, Accounts and Amount Descriptions for the exact wording of the answer choices for text entrios. Be sure to complete the statement heading. It a no fos la incurred or dividends were puld, enter that amount as Assets Llabilities + Stockholders' Equity Accounts Common Sales Salaries Rent Auto Supplies Miscellaneous Cash = Payable Stock Expense Supplies Dividends Commissions Expense Expense Expense Expense 2. Prepare an income statement for August. I a not loss has been incurred, enter that amount as a negative number using a minus sign. Peter to the list of Labels, Accounts and Amount Descriptions for the oxnot wording of the answer choices for text entries. Be sure to complete the statement houding. You will not need to enter colon () on the income statement 2. b). Prepare a retailystontiegs, statement for August. Refer to the list of Labolt, Accounts and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading a net toss is incurred or dividends were panid, enter that amount as a negative number using a minus sign. The word "103" or "Add" is not needed in the Rotained Eumingo Stuloment. Naramount is zero, entor 0 26. Propara a balance sheet as of August 31. Refer to the list of Labels, Accounts and Amount Doncriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement houding
