On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions during...
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On July 1, 20Y7, 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 $22,000 from personal funds. B. Purchased office supplies on account, $1,900. C. Paid creditor on account, $1,400. D. Earned sales commissions, receiving cash, $41,000. E. Paid rent on office and equipment for the month, $2,600. F. Withdrew cash for personal use, $3,400. G. Paid automobile expenses (including rental charge) for month, $3,150, and miscellaneous expenses, $1,700. H. Paid office salaries, $4,300. 1. Determined that the cost of supplies on hand was $800; therefore, the cost of supplies used was $1,100. 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings. In each transaction row (rows indicated by a letter, you must indicate the math sign (+ or-) in columns affected by the transaction. You ww not need to enter math signs in the balance rows (rows indicated by Bal.j. Entries of 0 (Zero) are not required and will be cleared if entered. 1 b. TI Bal. c. 3. Bal. d. Bal. e. Bal. f. Bal. g. Bal. h. 31 Bal i Bal. L Cash Assets 1 1 [] 11 IL ||| 1 I + Supplies J ||| || [] = Liabilities. = Accounts Payable 1 IN |||| 101 L 17 I 77 In 17 + Pat Glenn, Capital H |||| TE 11 H 1 E In 11 31 - Pat Glenn, Drawing [] ILI ⠀ 11 101 1 In I || || || + Sales Commissione M 10 4 n 20 m 1 11 0 Salaries Expense Owner's Equity 1 F || 25 I H E E 111 E 7 E T H L 2 -Rent Expense || L ||||| 11 I F 10 10 4 In I T 17 1 -Auto Expense H 17 E ET 3 [1] Supplies Expense 1 10 13 |||| H 10 H TOTUT 10 3 17 H - Miscellaneous Expense 2 b Bal. C. Bal. d Bal. e. Bal. f. Bal. 9 Bal. ||h Bal. E Bal. On July 1, 20Y7, 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 $22,000 from personal funds. B. Purchased office supplies on account, $1,900. C. Paid creditor on account, $1,400. D. Earned sales commissions, receiving cash, $41,000. E. Paid rent on office and equipment for the month, $2,600. F. Withdrew cash for personal use, $3,400. G. Paid automobile expenses (including rental charge) for month, $3,150, and miscellaneous expenses, $1,700. H. Paid office salaries, $4,300. 1. Determined that the cost of supplies on hand was $800; therefore, the cost of supplies used was $1,100. 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings. In each transaction row (rows indicated by a letter, you must indicate the math sign (+ or-) in columns affected by the transaction. You ww not need to enter math signs in the balance rows (rows indicated by Bal.j. Entries of 0 (Zero) are not required and will be cleared if entered. 1 b. TI Bal. c. 3. Bal. d. Bal. e. Bal. f. Bal. g. Bal. h. 31 Bal i Bal. L Cash Assets 1 1 [] 11 IL ||| 1 I + Supplies J ||| || [] = Liabilities. = Accounts Payable 1 IN |||| 101 L 17 I 77 In 17 + Pat Glenn, Capital H |||| TE 11 H 1 E In 11 31 - Pat Glenn, Drawing [] ILI ⠀ 11 101 1 In I || || || + Sales Commissione M 10 4 n 20 m 1 11 0 Salaries Expense Owner's Equity 1 F || 25 I H E E 111 E 7 E T H L 2 -Rent Expense || L ||||| 11 I F 10 10 4 In I T 17 1 -Auto Expense H 17 E ET 3 [1] Supplies Expense 1 10 13 |||| H 10 H TOTUT 10 3 17 H - Miscellaneous Expense 2 b Bal. C. Bal. d Bal. e. Bal. f. Bal. 9 Bal. ||h Bal. E Bal.
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