On August 1,20Y9, Brooke Kline established Western Realty. Brooke completed the following transactions during the...
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On August Y 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 $ in exchange for common stock. b Purchased supplies on account, $ c Paid creditor on account, $ d Earned sales commissions, receiving cash, $ e Paid rent on office and equipment for the month, $ f Paid dividends, $ g Paid automobile expenses for month, $ and miscellaneous expenses, $ h Paid office salaries, $ i Determined that the cost of supplies on hand was $; therefore, the cost of supplies used was $ Required: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets Liabilities Stockholders Equity Accounts Common Sales Salaries Rent Auto Supplies Miscellaneous Cash Supplies Payable Stock Dividends Commissions Expense Expense Expense Expense Expense a Prepare an income statement for August. b Prepare a statement of stockholders equity for August. c Prepare a balance sheet as of August
On August Y 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 $ in exchange for common stock.
b Purchased supplies on account, $
c Paid creditor on account, $
d Earned sales commissions, receiving cash, $
e Paid rent on office and equipment for the month, $
f Paid dividends, $
g Paid automobile expenses for month, $ and miscellaneous expenses, $
h Paid office salaries, $
i Determined that the cost of supplies on hand was $; therefore, the cost of supplies used was $
Required:
Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
Assets Liabilities Stockholders Equity
Accounts Common Sales Salaries Rent Auto Supplies Miscellaneous
Cash Supplies Payable Stock Dividends Commissions Expense Expense Expense Expense Expense
a Prepare an income statement for August.
b Prepare a statement of stockholders equity for August.
c Prepare a balance sheet as of August
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