Question
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $20,000 from personal funds. Purchased office supplies on account, $2,010. Paid creditor on account, $1,270. Earned sales commissions, receiving cash, $20,480. Paid rent on office and equipment for the month, $4,010. Withdrew cash for personal use, $6,000. Paid automobile expenses (including rental charge) for the month, $1,930, and miscellaneous expenses, $920. Paid office salaries, $2,420. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,330. Required: 2. Prepare an income statement for July. Half Moon Realty Income Statement For the Month Ended July 31, 2019. 3.Prepare a statement of owner's equity for July. If an amount is zero, enter "0". Half Moon Realty Statement of Owner's Equity For the Month Ended July 31, 2019. 4. Prepare a balance sheet as of July 31. Half Moon Realty Balance Sheet July 31, 2019
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