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Transactions; financial statements On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August: A. Opened a business bank account with a deposit of $35,000 in exchange for common stock. B. Purchased supplies on account, $2,750. C. Paid creditor on account, $1,800. D. Earned sales commissions, receiving cash, $52,800. E. Paid rent on office and equipment for the month, $4,500. F. Paid dividends, $3,000. G. Paid automobile expenses for month, $1,100, and miscellaneous expenses, $1,200. H. Paid office salaries, $5,250. I. Determined that the cost of supplies on hand was $1,750; therefore, the cost of supplies used was $1,000. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207
BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207

Solutions

Chapter
Section
Chapter 1, Problem 1.4APR
Textbook Problem

Transactions; financial statements

On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August:

  • A. Opened a business bank account with a deposit of $35,000 in exchange for common stock.
  • B. Purchased supplies on account, $2,750.
  • C. Paid creditor on account, $1,800.
  • D. Earned sales commissions, receiving cash, $52,800.
  • E. Paid rent on office and equipment for the month, $4,500.
  • F. Paid dividends, $3,000.
  • G. Paid automobile expenses for month, $1,100, and miscellaneous expenses, $1,200.
  • H. Paid office salaries, $5,250.
  • I. Determined that the cost of supplies on hand was $1,750; therefore, the cost of supplies used was $1,000.

Instructions

1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

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Chapter 1 Solutions

Financial & Managerial Accounting
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