Nature of Transactions 3,100 Kristoff Walker operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. Assets Liabilities + Owner's Equity Cash + Supplies + Land Accounts Payable + Kristoff Walker, Capital Kristoff Walker, Drawing + Fees Earnes Expenses 29,900 3,900 74,800 100,500 +35,000 +35,000 - 15,000 +15,000 -26,000 -26,000 +1.500 +1,500 -2,000 -2,000 6. -7,200 -7,200 -3,000 -3,000 14,700 Bal. 2,400 2,400 100,500 35,000 -2,000 -29,000 89,800 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3. - ReassignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How a. (3) Select the description for transaction 3. Calculator Printem a. (4) Select the description for transaction 4. a. (5) Select the description for transaction S. a. (6) Select the description for transaction 6. a. (7) Select the description for transaction 7. b. What is the amount of the net decrease in cash during the month? c. What is the amount of the net increase in owner's equity during the month? $ d. What is the amount of the net income for the month? $ e. How much of the net income for the month was retained in the business? Financial Statements Each of the following items is shown in the financial statements of Exoxon Mobil Corporation: a. Identify the financial statement (balance sheet or income statement) in which each item would appear. 1. Accounts payable 2. Cash equivalents 3. Crude oil inventory 4. Equipment 5. Exploration expenses 6. Income taxes payable 7. Investments 8. Long-term debt 9. Marketable securities 10. Notes and loans payable 11. Notes receivable 12. Operating expenses 13. Prepaid taxes 14. Sales 15. Selling expenses eBook Accounts payable Calculator Print item 2. Cash equivalents 3. Crude oil inventory 4. Equipment 5. Exploration expenses 6. Income taxes payable 7. Investments 8. Long-term debt 9. Marketable securities 10. Notes and loans payable 11. Notes receivable 12. Operating expenses 13. Prepaid taxes 14. Sales 15. Selling expenses b. Can an item appear on more than one financial statement? C. Is the accounting equation relevant for Exxon Mobil Corporation? 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 $33,000 from personal funds. b. Purchased office supplies on account, $3,340. c. Paid creditor on account, $2,110. d. Earned sales commissions, receiving cash, $34,090. e. Paid rent on office and equipment for the month, $6,680, f. Withdrew cash for personal use, $11,000. 9. Paid automobile expenses (including rental charge) for the month, $3,200, and miscellaneous expenses, $1,530. h. Paid office salaries, $4,020. 1. Determined that the cost of supplies on hand was $1,120; therefore, the cost of supplies used was $2,220 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 Cash Accounts Pat Glenn, Pat Glenn, Sales Supplies - + Office Salaries Rent Expense- Auto Supplies Miscellaneous Payable Capital Drawing Commissions Expense Expense Expense Expense a. b. Bal. G Bal. d. Assignment/take Assignment Main.doinvokera&takeAssignmentSessionLocator-Seinprogressfalse eBook Calculator Print Item d. Bal, e. Bal f. Bal. 9. Bal. h. Bal. 1. Bal. 2. Prepare an income statement for July Half Moon Realty Income Statement For the Month Ended July 31, 2019 Expenses: Expenses: 10000 Total expenses 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 $ Prepare a balance sheet as of July 31. Half Moon Realty Balance Sheet July 31, 2019 Assets poo Total assets Liabilities Owner's Equity Total liabilities and owner's equity