help please for all the question parts On August 1, 2018, Brooke Kline establish
ID: 2329041 • Letter: H
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help please for all the question parts
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 $25,000 in exchange for common stock. B. Purchased office supplies on account, $2,050. C. Paid creditor on account, $1,100. D. Earned sales commissions, receiving cash, $42,500. E. Paid rent on office and equipment for the month, $2,600. F. Paid dividends, $3,700. G. Paid automobile expenses (including rental charge) for month, $3,050, and miscellaneous expenses, $1,900. H. Paid office salaries, $4,900. I. Determined that the cost of supplies on hand was $750; therefore, the cost of supplies used was $1,300. e on the bookmarks bar. Import bookmarks now.. false eBook Calculato DLite Dry Cleaners s owned and operated by Joel Palk. A building and squipment are currently being rented, pending espansion to neu facalties The achualt work of dtry clesning is done by another company at 598.000 Supplies, 58,300 Land, $73,000 Acounts Pavablb, $31 000 Comnon Stock $80 000 Business Itiansactices dunng July are summarized as fodows A Joel Palk invested additional cash in exchange for common stock with a deposit of $34 000 in the business bank accoun B. Paid 550.000 tor the purchase of land adjacent to land curently owned by D'Lte Dry Cleaners as a futuire building she C. Received cash from cash customers for dry cleaning revenue $33,125 D. Paid rent for the month, $7,000 E Purchased supplies on account $2 300 F. Paid credilors on account $22.200 G Charged customers for dry cleaning revenue on account, $$7,000 H. Received monthly invoice tor dry cleaning expense for July (to be pad on August 10) 528300 Pad te tlomg: wages xpense, S8 900, truck expense. S2.500 J. Received cash from customers on account, $83,000 K Determined that the cost of supplies on hand was $5 300 therefore, the cost of supplies used L Paid dividends $11,000 umites expense $1,600, miscellaneous expense, $2.600 during the month was 54 800 Required 1. Determine the smount of retained eamings as of July 1 of the current year 2 The assets, Sabilies, and stockholders equty as of July 1 are stated in equation form simalar to thast shovwn in hie chapter. in tatuler o below the equation, indicate increases and decreases resuting from esch tramsaction and the new balances after each ranaction neac brancaction row frows indicated by a ietter), you must indicate the math sign or)in oolumns affected by tme ransaction Yow wil not need to enter meth signs in the balance os (rowS indicasted by Bal.). Entries of O (zera) are not required and wil be cleared it entered a Peper ant ones ement for the month ended July 31, 2018 Riter tothe Ac ournaan me accounting equation god and to the ist ar Letels nd Arm urt Detrotons for the exact woring of the answer choices for text entnes Be sure to complete the statement heading rsnet oss has been incurred enter that amount ss a negstive number using a minus aign You wil not need to enter colons (J on the income for the month ended July 31, 2018 Refer to me Asts of Acccunts in the accounting eausiove gris and to the lst of Labels and Amount Descriptions for the exact wording of the answer choices for fext endies Be sure to complete me stelement heading ira net loss ia incurred or dividends were psid, enter ha amount as a negative number usng & anus sign 3e Prepare a balece.shest as of July 31, 2018 Reter to the Accounts in the accounting equation grid and to the äst of Labels and Amount Desoriptions for the exact wording of the answer choices for text entries Be sure to complete the statement headng af Labels and Amount Desonjptions for the exact wording of the answer choices for text entnies Be aure to compiete the statemenr neading wil not need to enter colone Cj on the statehentExplanation / Answer
I have answered the second one as the first one image is not clear.Please repost that.
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I have answered the second one as the first one image is not clear.Please repost that.
1
Cash + Supplies = Accounts Payable + Common Stock - Dividends + Sales Comm - Salaries Expe - Rent Exp - Misc Exp A $25,000 $25,000 B $2,050 $2,050 C ($1,100) ($1,100) D $42,500 $42,500 E ($2,600) $2,600 F ($3,700) $3,700 G ($4,950) $4,950 H ($4,900) $4,900 I ($1,300) $50,250 $750 $950 $25,000 $3,700 $42,500 $4,900 $2,600 $4,950 2a Income Statement Revenue Sales Comm $42,500 Total Revenue $42,500 Less exp rent exp $2,600 Salaries Exp $4,900 Supplies Exp $1,300 Automobile Exp $3,050 Misc Exp $1,900 Total Expenses $13,750 Net Income $28,750 2b Statement of Retained earnings Opening Balance 0 Add Net income $28,750 less dividend ($3,700) ending Balance $25,050 2c balance Sheet Assets cash $50,250 Supplies $750 Total Assets $51,000 Liabilities Accounts Payable $950 total Liabilities $950 Shareholders Equity Common Stock $25,000 retained earnings $25,050 Total Shareholders Equity $50,050 Total Liabilities and Equity $51,000Related Questions
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