On August 1, 2019, Brooke Kine established Western Realty. Brooke completed the following transactions during the month of August a Opened a business bank account with a deposit of $24,000 in exchange for common stock. b. Paid rent on office and equipment for the month, $3,700. c. Paid automobile expenses for month, $1,450, and miscellaneous expenses, $600 d. Purchased office supplies on account, $1,250 e. Earned sales commissions, receiving cash, $22.600 f Paid creditor on account, $700 9 Paid office salanes, $3,300. h. Paid dividends, $3,900 Determined that the cost of supplies on hand was $350, therefore, the cost of supplies used was $900, Required: 1 Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below in each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered Assets Liabilities Stockholders' Equity Accounts Common Sales Salaries Rent Auto Supplies: Miscellaneous Cash Supplies Payable Stock Dividends Commissions Expense Expense Expense Expense: Expense 2 a. Prepare an income statement for August. Refer to the list of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons () on the income statement if a net loss has been incurred enter that amount as a negative number using a minus sion Assets Liabilities- Stockholders' Equity Accounts Common Sales Salaries Rent Auto Supplies Miscellaneous Cash Supplies = Payable 4 Stock Dividends Commissions Expense Expense Expense Expense Expense 2. a. Prepare an income statement for August. Refer to the list of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading You will not need to enter colons () on the income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign 2. b. Prepare a statement of stockholders' equity for August. Refer to the list of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0" 2.c. Prepare a balance sheet as of August 31. Refer to the list of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading Accounts, Labels and Amount Descriptions Accounts Accounts payable Auto expense Cash Common stock Dividends Miscellaneous expense I Accounts Accounts payable Auto 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, 2019 Amount Descriptions Balances, August 1, 20Y9 Balances, August 31, 20Y9 Issued common stock Net income Net loss Total assets I Amount Descriptions Balances, August 1, 20Y9 Balances, August 31, 20Y9 Issued common stock Net income Net loss Total assets Total expenses Total liabilities and stockholders' equity Total stockholders' equity Accounting Equation Grid 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each tra 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each transaction row (rows indicated by a b. Bal C 2 Ball d Bal Bal L Bal 9 Bal h Bal L Bal Cash Assets Liabilities + Accounts Common Supplies Payable Stock -Divid ows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows indic Stockholders' Equity Rent Salaries Auto -Expense -Expense Sales -Dividends Commissions -Expense I by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.) Entries of 0 (zero) are not required and will be cleared if entered Rent Expense Stockholders' Equity Salaries Auto Supplies Miscellaneous - Expense -Expense - Expense - Expense 2. a. Prepare an income statement for August. Refer to the list of Accounts Labels and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the statement heading. You will not need to enter colons () on the income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign Label Western Realty Income Statement (Label) I Statement of Stockholders' Equity 2b. Prepare a statement of stockholders' equity for August. Refer to the list of Accounts. Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading if a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0" Western Realty Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings 4 Balance Sheet 2. c. Prepare a balance sheet as of August 31 Refer to the list of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading Assets Western Realty Balance Sheet (Label) Liabilities Stockholders' Equity