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On August 1, 20Y9, Brooke Kline 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, 20Y9, 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.
image text in transcribed
image text in transcribed
image text in transcribed
On August 1, 2018, Brooke Kine established Westom 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. Eamed sales commissions, receiving cash, $52,800. e Paid rent on office and equipment for the month, $4,500. t. Paid dividends, $3,000. g. Paid automobile expenses for month, $1,100, and miscellaneous expenses, $1,200. h. Paid office salaries, $5,250 Determined that the cost of supplies on hand was $1,750; therefore, the cost of supplies used was $1,000. 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 Stockholders' Equity Assets Liabilities. Salaries Sales Rent Auto Supplies Accounts Common Dividends Commissions - Expense Expense Expense Expense. . Cash Supplies Payable nouple Labels and Amount Descriptions for the exact wording of the answer + Stock Miscellaneous 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 colone () on the income statement t 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 Ast of Accounts Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading a net loss is incurred or dividends were pait 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 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 transaction row pows indicated by a letter, you mat indicate the math sign (or the column headings are repeated at the bottom of the table Assets Liabilities. Accounts Common + Stock Saiss Commis *Payable Dividends Cash + Supplies X D. Bal 56 Check My Works used 35,000 x 2,750X X 2,750 X 35,000

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