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 $25,000 from personal funds B Purchased office supplies on account, $1,850 C Paid creditor on account, $1,200 D Earned sales commissions, receiving cash, $41,500 E Paid rent on office and equipment for the month, $3,600 F Withdrew cash for personal use, $4,000 G Paid automobile expenses (including rental charge) for month, $3,050, and miscellaneous expenses, $1,600 H Paid office salaries, $5,000 I Determined that the cost of supplies on hand was $950 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 Owners Equity Pat Pat Accounts Glenn, Glenn, Sales Salaries Rent Auto Supplies Miscellaneous Cash Supplies Payable Capital Drawing Commissions Expense Expense Expense Expense Expense 2 Prepare an income statement for July, a statement of owners equity for July, a balance sheet as of July 31 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 If a net loss has been incurred, enter that amount as a negative number using a minus sign You will not need to enter colons ( ) on the statements Labels Expenses For the Month Ended July 31, 2016 July 31, 2016 Amount Descriptions Decrease in owners equity Increase in owners equity Investment on July 1, 2016 Less withdrawals Net income Net income for July Net loss Net loss for July Pat Glenn, capital, July 1, 2016 Pat Glenn, capital, July 31, 2016 Plus withdrawals Total assets Total expenses Total liabilities and owners equity 1 Indicate the effect of each transaction and the balances after each transaction, using the tabular headings 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 Owners Equity Pat Pat Accounts Glenn, Glenn, Sales Salaries Rent Auto Supplies Miscellaneous Cash Supplies Payable Capital Drawing Commissions Expense Expense Expense Expense Expense a a b b Bal Bal c c Bal Bal d d Bal Bal e e Bal Bal f f Bal Bal g g Bal Bal h h Bal Bal i i Bal Bal 2 Prepare an income statement for July 31 If a net loss has been incurred, enter that amount as a negative number using a minus sign 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 You will not need to enter colons ( ) on the income statement Half Moon Realty Income Statement 1 2 3 4 5 6 7 8 9 2 Prepare a statement of owners equity for the month ended July 31, 2016 If a net loss has been incurred or there has been a decrease in owners equity, enter that amount as a negative number using a minus sign 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 Half Moon Realty Statement of Owners Equity 1 2 3 4 5 6 7 2 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 Half Moon Realty Balance Sheet 1 Assets 2 3 4 5 Liabilities 6 7 Owners equity 8 9

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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

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 $25,000 from personal funds.
B.	Purchased office supplies on account, $1,850.
C.	Paid creditor on account, $1,200.
D.	Earned sales commissions, receiving cash, $41,500.
E.	Paid rent on office and equipment for the month, $3,600.
F.	Withdrew cash for personal use, $4,000.
G.	Paid automobile expenses (including rental charge) for month, $3,050, and miscellaneous expenses, $1,600.
H.	Paid office salaries, $5,000.
I.	Determined that the cost of supplies on hand was $950; 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.

Required:

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 +	Owners Equity

			Pat	Pat
		Accounts	Glenn,	Glenn,	Sales	Salaries	Rent	Auto	Supplies	Miscellaneous
Cash	+ Supplies	= Payable	+ Capital	- Drawing	+ Commissions	- Expense	- Expense	- Expense	- Expense	- Expense

2. Prepare an income statement for July, a statement of owners equity for July, a balance sheet as of July 31. 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. If a net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the statements.

Labels
Expenses
For the Month Ended July 31, 2016
July 31, 2016
Amount Descriptions
Decrease in owners equity
Increase in owners equity
Investment on July 1, 2016
Less withdrawals
Net income
Net income for July
Net loss
Net loss for July
Pat Glenn, capital, July 1, 2016
Pat Glenn, capital, July 31, 2016
Plus withdrawals
Total assets
Total expenses
Total liabilities and owners equity

1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings. 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 +

Owners Equity

Pat

Accounts

Glenn,

Sales

Salaries

Rent

Auto

Supplies

Miscellaneous

Cash

+ Supplies

= Payable

+ Capital

- Drawing

+ Commissions

- Expense

Bal.

2. Prepare an income statement for July 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. 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. You will not need to enter colons (:) on the income statement.

Half Moon Realty

Income Statement

1
2
3
4
5
6
7
8
9

2. Prepare a statement of owners equity for the month ended July 31, 2016. If a net loss has been incurred or there has been a decrease in owners equity, enter that amount as a negative number using a minus sign. 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.

Half Moon Realty

Statement of Owners Equity

1
2
3
4
5
6
7

2. 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.

Half Moon Realty

Balance Sheet