On July 1, 2019, 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 $28,000 from personal funds. B. Paid rent on office and equipment for the month, $3,600. C. Paid automobile expenses (including rental charge) for the month, $1,300, and miscellaneous expenses, $700. D. Purchased office supplies on account, $1,250. E. Earned sales commissions, receiving cash, $18,400. F. Paid creditor on account, $750. G. Paid office salaries, $3,000. H. Withdrew cash for personal use, $3,300. I. Determined that the cost of supplies on hand was $500; therefore, the cost of supplies used was $750. 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 will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered. Assets = Liabilities + Owner’s Equity Pat Pat Accounts Glenn, Glenn, Sales Rent Salaries Auto Supplies Miscellaneous Cash + Supplies = Payable + Capital - Drawing + Commissions - Expense - Expense - Expense - Expense - Expense a. + b. Bal. - c. Bal. - - - d. Bal. - - - e. Bal. - - - f. Bal. - - - g. Bal. - - - - h. Bal. - - - - - i. Bal.

On July 1, 2019, 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 $28,000 from personal funds. B. Paid rent on office and equipment for the month, $3,600. C. Paid automobile expenses (including rental charge) for the month, $1,300, and miscellaneous expenses, $700. D. Purchased office supplies on account, $1,250. E. Earned sales commissions, receiving cash, $18,400. F. Paid creditor on account, $750. G. Paid office salaries, $3,000. H. Withdrew cash for personal use, $3,300. I. Determined that the cost of supplies on hand was $500; therefore, the cost of supplies used was $750. 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 will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered. Assets = Liabilities + Owner’s Equity Pat Pat Accounts Glenn, Glenn, Sales Rent Salaries Auto Supplies Miscellaneous Cash + Supplies = Payable + Capital - Drawing + Commissions - Expense - Expense - Expense - Expense - Expense a. + b. Bal. - c. Bal. - - - d. Bal. - - - e. Bal. - - - f. Bal. - - - g. Bal. - - - - h. Bal. - - - - - i. Bal.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July.

Opened a business bank account with a deposit of $28,000 from personal funds.

Paid rent on office and equipment for the month, $3,600.

Paid automobile expenses (including rental charge) for the month, $1,300, and miscellaneous expenses, $700.

Purchased office supplies on account, $1,250.

Earned sales commissions, receiving cash, $18,400.

Paid creditor on account, $750.

Paid office salaries, $3,000.

Withdrew cash for personal use, $3,300.

Determined that the cost of supplies on hand was $500; therefore, the cost of supplies used was $750.

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 will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered.

	Assets	= Liabilities +	Owner’s Equity

				Pat	Pat
			Accounts	Glenn,	Glenn,	Sales	Rent	Salaries	Auto	Supplies	Miscellaneous
	Cash	+ Supplies	= Payable	+ Capital	- Drawing	+ Commissions	- Expense	- Expense	- Expense	- Expense	- Expense
a.	+
b.

Bal.							-
c.

Bal.							-		-		-
d.

Bal.							-		-		-
e.

Bal.							-		-		-
f.

Bal.							-		-		-
g.

Bal.							-	-	-		-
h.

Bal.					-		-	-	-		-
i.

Bal.

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