Solve the follwing Problem Labels; On August 1, 2018, Brooke Kline established W

Question

Solve the follwing Problem

Labels;

On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August.

Solve the follwing Problem

Labels;

Expenses For the Month Ended August 31, 2018 August 31, 2018 Accounts; Accounts payable Auto expense Cash Common stock Dividends Miscellaneous expense Rent expense Retained earnings Salaries expense Sales commissions Supplies Supplies expense Amount Descriptions; Change in retained earnings Net income Net loss Retained earnings, August 1, 2018 Retained earnings, August 31, 2018 Total assets Total expenses Total liabilities and stockholders’ equity Total stockholders’ equity

Explanation / Answer

cash + supplies = account payable + common stock - dividends + sales commission - -salaries expenses - rent expenses - auto expenses - supplies expenses - Misc.expenses 1 $27,000.00 $27,000.00 2 $ (3,400.00) $(3,400.00) 3 $ (2,350.00) $(1,450.00) $(900.00) 4 $ 1,250.00 $1,250.00 5 $22,000.00 $22,000.00 6 $    (750.00) $ (750.00) 7 $ (2,700.00) $(2,700.00) 8 $ (3,100.00) $(3,100.00) 9 $    (750.00) $ (750.00) $36,700.00 $     500.00 $   500.00 $27,000.00 $(3,100.00) $22,000.00 $(2,700.00) $(3,400.00) $(1,450.00) $ (750.00) $(900.00) INCOME STATEMENT Revenue Sales commission $22,000.00 Total revenue $22,000.00 Expenses Rent expenses $ (3,400.00) Salaries expenses $ (2,700.00) supplies expenses $    (750.00) Automobile expenses $ (1,450.00) Miscellaneous expenses $    (900.00) Total expenses $ (9,200.00) Net income $12,800.00 STT OF RETAINED EARNINGS Opening balance $                  -   Add; Net income $   12,800.00 Less : DIvidend $     3,100.00 ENding balance $     9,700.00 BALANCE SHEET Assets cash $   36,700.00 supplies $         500.00 Total assets $   37,200.00 Liabilities Account payable $         500.00 Total liabilities $         500.00 Shareholder's equity common stock $   27,000.00 retained earnings $     9,700.00 Total shareholder's equtiy $   36,700.00 Total liabilities and shareholder's equity $   37,200.00

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