Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened
Transactions; Financial Statements 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 $30,000 from personal funds. b. Purchased office supplies on account, $3,010. c. Paid creditor on account, $1,900. d. Earned sales commissions, receiving cash, $30,690. e. Paid rent on office and equipment for the month, $6,020. f. Withdrew cash for personal use, $10,000. g. Paid automobile expenses (including rental charge) for the month, $2,880, and miscellaneous expenses, $1,380. h. Paid office salaries, $3,620. i. Determined that the cost of supplies on hand was $1,010; therefore, the cost of supplies used was $2,000. 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. Assets = Liabilities + Owner's Equity Accounts Pat Glenn, Pat Glenn, Sales Rent Office Salaries Auto Supp Cash + Supplies = + Payable Capital Drawing Commissions Expense Expense Expense Expe + a. b. Bal. c. Bal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started