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transactions; Financial Statements

On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August:

Opened a business bank account with a deposit of $25,000 in exchange for common stock.

Purchased supplies on account, $2,560.

Paid creditor on account, $1,620.

Earned sales commissions, receiving cash, $26,150.

Paid rent on office and equipment for the month, $5,130.

Paid dividends, $8,000.

Paid automobile expenses for month, $2,460, and miscellaneous expenses, $1,180.

Paid office salaries, $3,090.

Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,700.

Required:

1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign.

Assets

=

Liabilities +

Stockholders' Equity

Cash

+

Supplies

=

Accounts Payable

+

Common Stock

-

Dividends

+

Sales Commissions

-

Rent Expense

-

Salaries Expense

-

Auto Expense

-

Supplies Expense

-

Miscellaneous Expense

a.

b.

Bal.

c.

Bal.

d.

Bal.

e.

Bal.

f.

Bal.

g.

Bal.

h.

Bal.

i.

Bal.

2. Prepare an income statement for August.

Western Realty
Income Statement
For the Month Ended August 31, 2018
		$
Expenses:
	$
Total expenses
		$

Prepare a retained earnings statement for August. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Western Realty
Retained Earnings Statement
For the Month Ended August 31, 2018
		$
	$
		$

Prepare a balance sheet as of August 31.

Western Realty
Balance Sheet
August 31, 2018
Assets
		$
Total assets		$
Liabilities
		$
Stockholders' Equity
	$
Total stockholders' equity
Total liabilities and stockholders' equity		$