Transactions; financial statements

Instructions

Labels and Amount Descriptions

Accounting Equation Grid

Income Statement

Statement of Owners Equity

Balance Sheet

Instructions

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 $ 22,000 from personal funds.B.Paid rent on office and equipment for the month, $ 2,500.C.Paid automobile expenses (including rental charge) for the month, $ 1,350, and miscellaneous expenses, $ 500.D. Purple office supplies on account, $ 1,150.E.Earned sales commissions, receiving cash, $ 18,000.F.Paid creditor on account, $ 650.G.Paid office salaries, $ 2,900.H.Withdrew cash for personal use, $ 3,000. I. Determined that the cost of supplies on hand was $ 400; therefore, the cost of supplies used was $ 750.

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.