Instructions On August 1, 20Y9, Brooke Kline established Western Realty. Brooke completed the following transact a. Opened a business bank account with a deposit of $22,000 in exchange for common stock. b. Purchased office supplies on account, $1,900. c. Paid creditor on account, $1,400. d. Earned sales commissions, receiving cash, $41,000. e. Paid rent on office and equipment for the month, $2,600. f. Paid dividends, $3,400. g. Paid automobile expenses for month, $3,150, and miscellaneous expenses, $1,700. h. Paid office salaries, $4,300. i. Determined that the cost of supplies on hand was $800; therefore, the cost of supplies used wa Required: 1. Indicate the effect of each transaction and the balances after each transaction, using the follow Assets Liabilities Stock Accounts Common Sales Sala Cash Supplies Payable + Stock Dividends + Commissions Expe 2. a. Prepare an income statement for August. 2. b. Prepare a statement of stockholders' equity for August. 2. c. Prepare a balance sheet as of August 31. Accounts, Labels and Amount Descriptions Accounts Accounts payable Automobile expense Cash Common stock Dividends Miscellaneous expense Rent expense Retained earnings Salaries expense Sales commissions Supplies Supplies expense Labels August 31, 20Y9 Expenses For the Month Ended August 31, 20Y9 Amount Descriptions Balances, August 1, 2019 Balances, August 31, 2019 Issued common stock Net income Net loss Total assets Total expenses Total liabilities and stockholders' equity Total stockholders' equity 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular hea Accounting Equation Grid Instructions a. b. Bal. C. Bal. d. Bal. e. Bal. f. Bal. g. Bal. h. Bal. i. Bal. Cash Assets = Liabilities + Accounts + Supplies = Payable 2. a. Prepare an income statement for August. Income Statement Instructions 1 2 (Label) 3 - 5 9 7 8 9 Western Realty Income Statement (Label) 2.b. Prepare a statement of stockholders' equity for August. Statement of Stockholders' Equity Instructions 2 3 4 5 Western Realty Statement of Stockholders' Equity (Label) Common Stock 2. c. Prepare a balance sheet as of August 31. Balance Sheet Instructions 2 3 4 5 6 7 9 10 10 11 Assets Western Realty Balance Sheet (Label) Liabilities Stockholders' Equity