Reference no: EM132738601
Problem - Transactions; financial statements - On August 1, 20Y9, 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.
2. Prepare an income statement for August, a statement of stockholders' equity for August, and a balance sheet as of August 31.
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