On August 1, 2018, Brooke Kline estabshed Western fasty, Bracks completed the futning transactions during the month of Aug a. Opened a business bank account with a deposit of $24,000 in exchange for common stock b. Purchased supplies on account, $2,450 c. Fed creder an account, $1,550. d. Earned a commissions, receiving cash, 124,980 Panton office and equipment for the month, $4,900. Ped dividends, $4,000. Paid automobile expenses for month, 12,350, and miscellaneous expenses, $1,120, h. Paid office salaries, 12,950 Determined that the cost of supples on hand was $820; therefore, the cost of supplies sised was $1,630, 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. required, enter negative values as negative numbers using a minus sign Assets Liabilities. Stockholders' Equity Rent Expense Salaries Accounts Payable Sales Commissions Common Stock -Dividends. Auto Expense Cash + Supplies - Suppli Expen Expense 4 x L bal X x Bal d x Bal Bal ect of each transaction and the balances after each transaction for those boxes in which no entry is required, leave the box tank. I gative values as negative numbers using a minus sign Assets Liabilities + Stockholders' Equity + Supplies - Accounts Payable Common Stock - Dividends + Sales Commissions Rent Expense x x X Salaries Expense Auto Supplies Miscellaneous Expense Expense Expense 2. Prepare an income statement for August. Western Realty Income Statement For the Month Ended August 31, 2018 Expenses: Total expenses Feedback 00 Check My Work 2. An income statement reports the revenues and expenses. When revenues Learning Objective 4, Learning Objective 5. Hit Rem Check My Work 3. Follow Example Exercise 1-5. Recall that the statement of retained earnings considers beginning retained earnings, net incon the ending retained earnings. The net income from the income statement is needed to complete the statement of retained earni Learning Objective 4, Learning Objective 5. Prepare a balance sheet as of August 31. Western Realty Balance Sheet August 31, 2018 Assets Total assets Liabilities. Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Feedback 01000 JIU, LAUKURU AUN established Western Resity. Brooke completed the fotowing transactions during the month of August a. Opered a business bank account with a deposit of $24,000 in exchange for common stock 8. Purchased supplies on account, $2,450. Paid creditor on account, $1,550. d. Eamed sales commissions, receiving cash, $24.900 e Paid rent on office and equipment for the month, 14,900. f. Paid dividends, 50,000. 9. Paid automobile expenses for month, $2,350, and miscellaneous expenses, $1.120. h. Paid office salaries, $2.950. Determined that the cost of supplies on hand was 1820; therefore, the cost of supplies used was $1,630. 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, entor eagative values as negative numbers using a minus sign Assets - Liabilities + Accounts Payable Stockholders' Equity Rent Salaries Auto Expense Expense Common Stock Cash T - Dividends + Sales Commissions Supplies Miscellaneous Expense Expense Expense a b. Bal C Bal d Bal e Bal f Ba g Bal x x x X X + Supplies Previous Hat Bai 1 Tacons to summarleed on page to the Real that effect of very must notty te accountry out yet remains at Leaming Objective 4. Langs Western Realty Income Statement For the Month Ended August 31, 2018 Expenses Tutal expenses Ok 2 An income teement sports the revenues and expenses. When revenues are targer than the expenses the difference is net income Lauming Objec 4, Leaming Oractive Check My Work All work saved. Saw and Ext Previo Submit Assignment for Grading Prepare a tamel sarnings statement for August. It an amount te eero, enter For those buses in which you must eman subtracted or negative humiers sne o muna sign Western Realty Relained Earnings Statement For the Manth Ended August 31, 2018 To My W 3. Flow Example Exercise 5-6. Recal that the aliment of retained sange couders tagged as in or the year and decal the ending retained samenge Theme income statement is needed to complete the statement of tang Prepare a balance sheet as of August 31 Western Realty Balance Sheet August 31, 2018 Assets Total Liabilities Stockholders Eauty Previous Check My Work Save and tak Submit Assignment for Grading Assignment Score: 79.91% Prepare a balance sheet as of August 31, Western Realty Balance Sheet August 31, 2018 Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Feedback Check My Work 4. Follow Example Exercise 1-0 Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total sabates and stockholders' equity Assets are tems cened by the company, while liabilities are debts owed to creditors, and stockholders' equity represents the rights of the stockholder Leaming Objective 4, Leaming Objective 5 Feedback Previous soment for Gradin Check My Work Check My Work 00