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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 $34,000 from personal funds. b. Purchased office supplies on account, $3,470. c. Paid creditor on account, $2,190. d. Earned sales commissions, receiving cash, $35,360. e. Paid rent on office and equipment for the month, $6,930. f. Withdrew cash for personal use, $11,000. g. Paid automobile expenses (including rental charge) for the month, $3,320, and miscellaneous expenses, $1,590. h. Paid office salaries, $4,170. i. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: Prepare a statement of owner's equity for July. If an amount is zero, enter " 0 ". Prepare a balance sheet as of July 31. Half Moon Realty Balance Sheet July 31, 2019 Assets Cash Liabilities Accounts payable Owner's Equity Pat Glenn, capital Total liabilities and owner's equity
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