Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 1, Problem 1.4APR

Transactions; financial statements

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.
  • 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, using the following tabular headings:

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