Business, 10.04.2020 20:17 bre2795

On July 1, 2016, 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 $25,000 from personal funds.
B. Purchased office supplies on account, $1,850.
C. Paid creditor on account, $1,200.
D. Earned sales commissions, receiving cash, $41,500.
E. Paid rent on office and equipment for the month, $3,600.
F. Withdrew cash for personal use, $4,000.
G. Paid automobile expenses (including rental charge) for month, $3,050, and miscellaneous expenses, $1,600.
H. Paid office salaries, $5,000.
I. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900.

Required:

1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered.

Assets = Liabilities + Owner’s Equity
Pat Pat
Accounts Glenn, Glenn, Sales Salaries Rent Auto Supplies Miscellaneous
Cash + Supplies = Payable + Capital - Drawing + Commissions - Expense - Expense - Expense - Expense - Expense

2. Prepare an income statement for July, a statement of owner’s equity for July, a balance sheet as of July 31. Refer to the list of Accounts on the accounting equation grid and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the statements.

Labels
Expenses
For the Month Ended July 31, 2016
July 31, 2016
Amount Descriptions
Decrease in owner’s equity
Increase in owner’s equity
Investment on July 1, 2016
Less withdrawals
Net income
Net income for July
Net loss
Net loss for July
Pat Glenn, capital, July 1, 2016
Pat Glenn, capital, July 31, 2016
Plus withdrawals
Total assets
Total expenses
Total liabilities and owner’s equity

Answers: 2

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On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions du...

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