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Make an Income statement and a statement of the owners equity On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following
Make an Income statement and a statement of the owners equity
On July 1, 20Y7, 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 $23,000 from personal funds. B. Purchased office supplies on account, $2,000. C. Paid creditor on account, $1,100. D. Earned sales commissions, receiving cash, $39,500. E. Paid rent on office and equipment for the month, $3,100. F. Withdrew cash for personal use, $3,400. G. Paid automobile expenses (including rental charge) for month, $3,200, and miscellaneous expenses, $1,600. H. Paid office salaries, $4,000. I. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $1,050. Labels and Amount Descriptions Labels Expenses For the Month Ended July 31, 20Y7 July 31,20Y7 Amount Descriptions Decrease in owner's equity Increase in owner's equity Investment on July 1,20Y7 Net income Net loss Pat Glenn, capital, July 1, 20Y7 Pat Glenn, capital, July 31, 20Y7 Withdrawals Total assets Total expenses Total liabilities and owner's equityStep by Step Solution
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