Transactions; Financial Statements

On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:

1. Opened a business bank account with a deposit of $24,000 from personal funds.
2. Purchased office supplies on account, $2,420.
3. Paid creditor on account, $1,530.
4. Earned sales commissions, receiving cash, $24,740.
5. Paid rent on office and equipment for the month, $4,850.
6. Withdrew cash for personal use, $8,000.
7. Paid automobile expenses (including rental charge) for the month, $2,330, and miscellaneous expenses, $1,110.
8. Paid office salaries, $2,920.
9. Determined that the cost of supplies on hand was $820; therefore, the cost of supplies used was $1,600.

1. Prepare an income statement for July.

2. Prepare a statement of owner's equity for July.

3. Prepare a balance sheet as of July 31 .