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Transactions; Financial Statements On April 1, 2019, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a
Transactions; Financial Statements On April 1, 2019, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $24,000 from personal funds. b. Paid rent on office and equipment for the month, $3,600. c. Paid automobile expenses (including rental charge) for the month, $1,350, and miscellaneous expenses, $600. d. Purchased office supplies on account, $1,200. e. Earned sales commissions (revenue) from selling real estate, receiving cash, $19,800. f. Paid creditor on account, $750. g. Paid office salaries, $2,500. h. Withdrew cash for personal use, $3,500. i. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Prepare a statement of owner's equity for April. If an amount is zero, enter "0". Custom Realty Statement of Owner's Equity For the Month Ended April 30, 2019 2$ Prepare a balance sheet as of April 30. Custom Realty Balance Sheet April 30, 2019 Assets Total assets Liabilities Owner's Equity Total liabilities and owner's equity %24 %24
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