Transactions Financial Statoment On July 1 2019 Pat Glenn es

Transactions; Financial Statoment On July 1, 2019, Pat Glenn established Hall Moon Realty. Pat completed the follawing transactions during the month of uy a. Opened a business bank account with a deposit of $35,000 from personal funds. b. Purchased office supplies on account, 3,5ao. c, paid editor on account, $2,270. d. Earned sales commissions, receiving cash, $36,580. e. Paid rent on office and equipment for the month, $7,170. f. Withdrew cash for personal use, $11,000. g. Paid automobile expenses (induding rental charge) for the month, $3,440, and miscellaneous expenses, $1A50. h. Paid office salaries, $4,320. i. Determined that the cost of supplies on hand was $1,210; therefore, the cost of supplies used was $2,370. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is re Owner\'s Equity office S Assets - Liabilities + + Supplies Payable Accounts Pat Glenn, Pat Glenn, t Sales -Rent ExpenseExpe Capital 35,000 3,580 Drawing Commissions 11,000 36,580 a. 35,000 b. Bal. 3,580 2,270 5,850 170

Solution

Assets = Liabilities + Owner\'s Equity Cash + Supplies = Accounts Payable + Pat Glenn, Capital - Pat Glenn, Drawing + Sales Commission - Rent expense - Office Salaries expense - Auto expense - Supplies expense - Miscellaneous expense a. 35000 + = + 35000 - + - - - - - b. + 3580 = 3580 + - + - - - - - Bal. 35000 + 3580 = 3580 + 35000 - + - - - - - c. -2270 + = -2270 + - + - - - - - Bal. 32730 + 3580 = 1310 + 35000 - + - - - - - d. 36580 + = + - + 36580 - - - - - Bal. 69310 + 3580 = 1310 + 35000 - + 36580 - - - - - e. -7170 + = + - + - 7170 - - - - Bal. 62140 + 3580 = 1310 + 35000 - + 36580 - 7170 - - - - f. -11000 + = + - 11000 + - - - - - Bal. 51140 + 3580 = 1310 + 35000 - 11000 + 36580 - 7170 - - - - g. -5090 + = + - + - - - 3440 - - 1650 Bal. 46050 + 3580 = 1310 + 35000 - 11000 + 36580 - 7170 - - 3440 - - 1650 h. -4320 + = + - + - - 4320 - - - Bal. 41730 + 3580 = 1310 + 35000 - 11000 + 36580 - 7170 - 4320 - 3440 - - 1650 i. + -2370 = + - + - - - - 2370 - Bal. 41730 + 1210 = 1310 + 35000 - 11000 + 36580 - 7170 - 4320 - 3440 - 2370 - 1650 Half Moon Realty Income Statement For the Month Ended July 31, 2019 Sales commissions 36580 Expenses: Rent expense 7170 Office salaries expense 4320 Automobile expense 3440 Supplies expense 2370 Miscellaneous expense 1650 Total expenses 18950 Net income $ 17630 Half Moon Realty Statement of Owner\'s Equity For the Month Ended July 31, 2019 Pat Glenn, capital, July 1, 2019 0 Capital brought in 35000 Net income for July 17630 Drawings -11000 41630 Pat Glenn, capital, July 31, 2019 $ 41630 Half Moon Realty Balance Sheet July 31, 2019 Assets Cash 41730 Supplies 1210 Total assets $ 42940 Liabilities Accounts payable 1310 Owner\'s Equity Pat Glenn, Capital 41630 Total liabilities and owner\'s equity $ 42940