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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 1. 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. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31.

BuyFind

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436
BuyFind

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

Solutions

Chapter
Section
Chapter 1, Problem 4PA
Textbook Problem

On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:

  1. a. Opened a business bank account with a deposit of $25,000 from personal funds.
  2. b. Purchased office supplies on account, $1,850.
  3. c. Paid creditor on account, $1,200.
  4. d. Earned sales commissions, receiving cash, $41,500.
  5. e. Paid rent on office and equipment for the month, $3,600.
  6. f. Withdrew cash for personal use, $4,000.
  7. g. Paid automobile expenses (including rental charge) for month, $3,050, and miscellaneous
  8. 1. expenses, $1,600.
  9. h. Paid office salaries, $5,000.
  10. i. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900.

Instructions

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

Chapter 1, Problem 4PA, On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions

  1. 2. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31.

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