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On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July. A. Opened a business bank
On July 1, 2019, 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 $24,000 from personal funds. |
B. | Purchased office supplies on account, $2,100. |
C. | Paid creditor on account, $1,200. |
D. | Earned sales commissions, receiving cash, $38,000. |
E. | Paid rent on office and equipment for the month, $2,400. |
F. | Withdrew cash for personal use, $3,700. |
G. | Paid automobile expenses (including rental charge) for month, $3,200, and miscellaneous expenses, $1,700. |
H. | Paid office salaries, $4,100. |
I. | Determined that the cost of supplies on hand was $1,000; therefore, the cost of supplies used was $1,100. |
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 | |
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