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Transactions; Financial Statements On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened
Transactions; Financial Statements On July 1, 20Y7, 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 $35,000 from personal funds. b. Purchased office supplies on account, $3,580. c. Paid creditor on account, $2,260. d. Earned sales commissions, receiving cash, $36,510. e. Paid rent on office and equipment for the month, $7,160. f. Withdrew cash for personal use, $11,000. g. Paid automobile expenses (including rental charge) for the month, $3,430, and miscellaneous expenses, $1,640. h. Paid office salaries, $4,310. i. Determined that the cost of supplies on hand was $1,200; therefore, the cost of supplies used was $2,380. 2. Prepare an income statement for July. 3. Prepare a statement of owner's equity for July. If an amount is zero, enter "0". 4. Prepare a balance sheet as of July 31
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