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

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On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August: A. Opened a business bank account with a deposit of $35, 000 in exchange for common stock. B. Purchased supplies on account, $2, 750. C. Paid creditor on account, $ 1, 800. D. Earned sales commissions, receiving cash, $52, 800. E. Paid rent on office and equipment for the month, $4, 500. F. Paid dividends, $3, 000. G. Paid automobile expenses for month, $1, 100, and miscellaneous expenses, $1, 200. H. Paid office salaries, $5, 250. I. Determined that the cost of supplies on hand was $1, 750: therefore, the cost of supplies used was $1, 000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Prepare an income statement for August, a retained earnings statement tor August, and a balance sheet as of August 31

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