Transactions; Financial reports that summarize the effects of events on a business.Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.business bank account with a deposit of $31,000 in exchange for common stock. Purchased supplies on account, $3,110. Paid creditor on account, $1,970. Earned The total amount charged customers for merchandise sold, including cash sales and sales on account.sales commissions, receiving cash, $31,770. Paid rent on office and equipment for the month, $6,230. Paid dividends, $10,000. Paid automobile Assets used up or services consumed in the process of generating revenues.expenses for month, $2,990, and miscellaneous expenses, $1,430. Paid office salaries, $3,750. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2,060. 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, enter negative values as negative numbers using a minus sign. Assets = Liabilities + Stockholders' Equity Cash + Supplies = AccountsPayable + Common Stock - Dividends + SalesCommissions - Rent Expense - SalariesExpense - AutoExpense - SuppliesExpense - MiscellaneousExpense a. b. Bal. c. Bal. d. Bal. e. Bal. f. Bal. g. Bal. h. Bal. i. Bal. Feedback 2. Prepare an A summary of the revenue and expenses for a specific period of time, such as a month or a year.income statement for April. Custom Realty Income Statement For the Month Ended April 30, 20Y8 Common stock Cash Sales commissions Supplies Supplies expense $ Expenses: Common stock Cash Salaries expense Sales commissions Supplies $ Accounts payable Cash Dividends Rent expense Retained earnings Accounts payable Automobile expense Cash Dividends Supplies Assets Retained earnings Sales commissions Supplies Supplies expense Cash Miscellaneous expense Common stock Dividends Supplies Total expenses Net income Net loss $ Feedback Prepare a statement of stockholders’ equity for April. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign. Custom Realty Statement of Stockholders’ Equity For the Month Ended April 30, 20Y8 Common Stock Retained Earnings Total Balances, April 1, 20Y8 Balances, April 30, 20Y8 Cash Dividends Sales commissions $ $ $ Issued common stock Cash Net income Net loss Supplies expense Accounts payable Cash Net income Net loss Supplies Common stock Cash Dividends Rent expense Salaries expense Accounts payable Balances, April 1, 20Y8 Balances, April 30, 20Y8 Common stock Dividends Feedback Prepare a A list of the assets, liabilities, and stockholders' equity as of a specific date, usually at the close of the last day of a month or a year.balance sheet as of April 30. Custom Realty Balance Sheet April 30, 20Y8 Assets Accounts payable Common stock Cash Sales commissions Retained earnings $ Accounts payable Common stock Dividends Retained earnings Supplies Total assets $ Liabilities Accounts payable Accounts receivable Common stock Sales commissions Retained earnings $ Stockholders' Equity Accounts payable Accounts receivable Common stock Cash Dividends Supplies $ Accounts payable Accounts receivable Cash Sales commissions Retained earnings Supplies Total stockholders' equity Total liabilities and stockholders' equity $

Transactions; Financial reports that summarize the effects of events on a business.Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.business bank account with a deposit of $31,000 in exchange for common stock. Purchased supplies on account, $3,110. Paid creditor on account, $1,970. Earned The total amount charged customers for merchandise sold, including cash sales and sales on account.sales commissions, receiving cash, $31,770. Paid rent on office and equipment for the month, $6,230. Paid dividends, $10,000. Paid automobile Assets used up or services consumed in the process of generating revenues.expenses for month, $2,990, and miscellaneous expenses, $1,430. Paid office salaries, $3,750. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2,060. 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, enter negative values as negative numbers using a minus sign. Assets = Liabilities + Stockholders' Equity Cash + Supplies = AccountsPayable + Common Stock - Dividends + SalesCommissions - Rent Expense - SalariesExpense - AutoExpense - SuppliesExpense - MiscellaneousExpense a. b. Bal. c. Bal. d. Bal. e. Bal. f. Bal. g. Bal. h. Bal. i. Bal. Feedback 2. Prepare an A summary of the revenue and expenses for a specific period of time, such as a month or a year.income statement for April. Custom Realty Income Statement For the Month Ended April 30, 20Y8 Common stock Cash Sales commissions Supplies Supplies expense $ Expenses: Common stock Cash Salaries expense Sales commissions Supplies $ Accounts payable Cash Dividends Rent expense Retained earnings Accounts payable Automobile expense Cash Dividends Supplies Assets Retained earnings Sales commissions Supplies Supplies expense Cash Miscellaneous expense Common stock Dividends Supplies Total expenses Net income Net loss $ Feedback Prepare a statement of stockholders’ equity for April. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign. Custom Realty Statement of Stockholders’ Equity For the Month Ended April 30, 20Y8 Common Stock Retained Earnings Total Balances, April 1, 20Y8 Balances, April 30, 20Y8 Cash Dividends Sales commissions $ $ $ Issued common stock Cash Net income Net loss Supplies expense Accounts payable Cash Net income Net loss Supplies Common stock Cash Dividends Rent expense Salaries expense Accounts payable Balances, April 1, 20Y8 Balances, April 30, 20Y8 Common stock Dividends Feedback Prepare a A list of the assets, liabilities, and stockholders' equity as of a specific date, usually at the close of the last day of a month or a year.balance sheet as of April 30. Custom Realty Balance Sheet April 30, 20Y8 Assets Accounts payable Common stock Cash Sales commissions Retained earnings $ Accounts payable Common stock Dividends Retained earnings Supplies Total assets $ Liabilities Accounts payable Accounts receivable Common stock Sales commissions Retained earnings $ Stockholders' Equity Accounts payable Accounts receivable Common stock Cash Dividends Supplies $ Accounts payable Accounts receivable Cash Sales commissions Retained earnings Supplies Total stockholders' equity Total liabilities and stockholders' equity $

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...

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Transactions; Financial reports that summarize the effects of events on a business.Financial Statements

On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:

Opened a An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.business bank account with a deposit of $31,000 in exchange for common stock.
Purchased supplies on account, $3,110.
Paid creditor on account, $1,970.
Earned The total amount charged customers for merchandise sold, including cash sales and sales on account.sales commissions, receiving cash, $31,770.
Paid rent on office and equipment for the month, $6,230.
Paid dividends, $10,000.
Paid automobile Assets used up or services consumed in the process of generating revenues.expenses for month, $2,990, and miscellaneous expenses, $1,430.
Paid office salaries, $3,750.
Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2,060.

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, enter negative values as negative numbers using a minus sign.

Assets

Liabilities +

Stockholders' Equity

Cash

Supplies

Accounts
Payable

Common
Stock

Dividends

Sales
Commissions

Rent Expense

Salaries
Expense

Auto
Expense

Supplies
Expense

Miscellaneous
Expense

Bal.

Feedback

2. Prepare an A summary of the revenue and expenses for a specific period of time, such as a month or a year.income statement for April.

Custom Realty
Income Statement
For the Month Ended April 30, 20Y8
Common stock Cash Sales commissions Supplies Supplies expense		$
Expenses:
Common stock Cash Salaries expense Sales commissions Supplies	$
Accounts payable Cash Dividends Rent expense Retained earnings
Accounts payable Automobile expense Cash Dividends Supplies
Assets Retained earnings Sales commissions Supplies Supplies expense
Cash Miscellaneous expense Common stock Dividends Supplies
Total expenses
Net income Net loss		$

Feedback

Prepare a statement of stockholders’ equity for April. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Custom Realty
Statement of Stockholders’ Equity
For the Month Ended April 30, 20Y8
	Common Stock	Retained Earnings	Total
Balances, April 1, 20Y8 Balances, April 30, 20Y8 Cash Dividends Sales commissions	$	$	$
Issued common stock Cash Net income Net loss Supplies expense
Accounts payable Cash Net income Net loss Supplies
Common stock Cash Dividends Rent expense Salaries expense
Accounts payable Balances, April 1, 20Y8 Balances, April 30, 20Y8 Common stock Dividends

Feedback

Prepare a A list of the assets, liabilities, and stockholders' equity as of a specific date, usually at the close of the last day of a month or a year.balance sheet as of April 30.

Custom Realty
Balance Sheet
April 30, 20Y8
Assets
Accounts payable Common stock Cash Sales commissions Retained earnings		$
Accounts payable Common stock Dividends Retained earnings Supplies
Total assets		$
Liabilities
Accounts payable Accounts receivable Common stock Sales commissions Retained earnings		$
Stockholders' Equity
Accounts payable Accounts receivable Common stock Cash Dividends Supplies	$
Accounts payable Accounts receivable Cash Sales commissions Retained earnings Supplies
Total stockholders' equity
Total liabilities and stockholders' equity		$

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