Instructions for problem 2 a. Use the table below to classify each transaction under the affected account and update the balance of the account. Assets Cash +Supplies =Liabilities =Accounts Payable -Dividends +Common Stock -Misc. Expense +Stockholders' Equity -Salaries -Rent -Auto Expense Expense Expense +Sales Commissions -Supplies Expense A Bal B Bal. Bal. D Bal E Bal. F Bal. G Bal. H Bal 1 Bal. b. Prepare an income statement for August, a retained earnings statement for August, and a balance sheet as of August 31. Templates can be found on the assignments page. Problems 1. Each of the following situations relates to a different company. Company C Revenues Expenses Gains Losses Net Income or (Loss) Company A $16,500 12,400 750 900 ? Company B $167,320 ? 1,350 6,240 (9,250) ? $72,300 0 5,200 5,100 Company D $235,000 241,000 ? 0 6,300 a. For each of these independent situations, find the missing amounts. b. How would stakeholders view the financial performance of each company? Explain. C. 2. 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. 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