Print Item ET Accounting Equation Grid Income Statement B. Purchased office supp

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Print Item ET Accounting Equation Grid Income Statement B. Purchased office supplies on account, $1,850 C. Paid creditor on account, $1,200 D. Earmed sales commissions, receiving cash, $41,500 E. Paid rent on office and equipment for the month, $3,600 F. Withdrew cash for personal use, $4,000 G. Paid automobile expenses (including rental charge) for the month,$3,050, and miscellaneous expenses, $1,600 H. Paid office salaries, $5,000 1. Determined that the cost of supplies on hand was $950, therefore, the cost of supplies used was $900 Required: 1. Indicate the effect of each transaction and the balances after each transaction, using the tabular headings in the exhibit below In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or-) in columns affected by the transaction You wl not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of O (zero) are not required and will be cleared if entered e Liabilities

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Assets Liabilities Owner's Capital Cash Supplies Payable Capital Drawing Sales Commission Salaries Rent Auto Supplies Misc A 25000 25000 B 1850 1850 C -1200 -1200 D 41500 41500 E -3600 3600 F -4000 4000 G -3050 3050 -1600 1600 H -5500 5500 I -900 900 Total 47550 950 650 25000 4000 41500 5500 3600 3050 900 1600 Income Statement Sales Commission 41500 Salaries 5500 Rent 3600 Auto 3050 Supplies 900 Misc 1600 14650 Net Income 26850 Statement of Owner's Equity Glenn, Capital 25000 Less: Glenn, Drawing 4000 Add: Net Income 26850 Ending Capital 47850 Balance Sheet Current Assets: Cash 47550 Supplies 950 Total Assets 48500 Payable 650 Owner's Equity 47850 Total Liabilities and equity 48500

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