On July 1, 2016, 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 $22,000 in exchange for common stock.
B.	Purchased office supplies on account, $1,900.
C.	Paid creditor on account, $1,400.
D.	Earned sales commissions, receiving cash, $41,000.
E.	Paid rent on office and equipment for the month, $2,600.
F.	Paid dividends, $3,400.
G.	Paid automobile expenses (including rental charge) for month, $3,150, and miscellaneous expenses, $1,700.
H.	Paid office salaries, $4,300.
I.	Determined that the cost of supplies on hand was $800; therefore, the cost of supplies used was $1,100.

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	+ Commisions	- Expense	- Expense	- Expense	- Expense	- Expense

2. a. Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income statement. Refer to the list of Labels and Amount Descriptions for the exact wording of text within your income statement. Round percentages to one decimal place. Be sure to complete the statement heading.

2. b. Prepare a retained earnings statement for the month ended July 31, 2016. Refer to the list of Accounts on the accounting equation grid and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Enter all amounts as positive numbers. The word Less or Add is not needed in the Retained Earnings Statement.

2. c. Prepare a balance sheet as of July 31, 2016. Refer to the list of Accounts on the accounting equation grid and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.

Labels

Expenses

For the Month Ended July 31, 2016

July 31, 2016

Amount Descriptions

Decrease in retained earnings

Dividends

Increase in retained earnings

Investment on July 1, 2016

Net income

Net loss

Retained earnings, July 1, 2016

Retained earnings, July 31, 2016

Total assets

Total expenses

Total liabilities and stockholders equity

Total stockholders equity

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
a. b. Bal c. Bal. d. Bal e. Bal f. Bal g. Bal h. Bal i.