Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 1, 2018, Brooke Kilne established Western Realty. Brooke completed the following transactions during the month of August: a. Opened a business bank account

image text in transcribed
On August 1, 2018, Brooke Kilne established Western Realty. Brooke completed the following transactions during the month of August: a. Opened a business bank account with a depost of $20,000 in exchange for common stock b. Purchased supplies on account, $2,010. Paid cred tor on account, $1,270 d. Earned sales commissions, receiving cath, $20.460. e. Pald rent on office and equipment for the month, $4,010. 1. Paid dividends, $6,000. g. Pald automobile expenses for month, $1,920, and miscellaneous expenses, $920. h. Pald office salaries, $2.410. 1. Determined that the cost of supplies on hand wat $680; therefore, the cost of supplies used was $1,330. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those bones in which no entry is required, leave the box blank. If required, enter negative value Assets Liabilities + Stockholders' Equity Accounts Common Sales Rent Cash Salaries Auto Supplies Dividends + Supplies Miscellaneous Payable Stock Commissions Expense Expense Expense Expense Expense 2. 20,000 b. 2,010 + + I Ba Bal d. + 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Only The Strongest Women Become Auditors

Authors: Auditor Publishing

1st Edition

1660768675, 978-1660768677

More Books

Students also viewed these Accounting questions

Question

define what is meant by the term human resource management

Answered: 1 week ago