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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. |
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