Transactions; financial statements
On April 1, 2014, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:
1. Opened a business bank account with a deposit of $24,000 in exchange for capital stock.
2. Paid rent on office and equipment for the month, $3,600.
3. Paid automobile expenses (including rental charge) for month, $1,350, and miscellaneous expenses, $600.
4. Purchased office supplies on account, $1,200.
5. Earned sales commissions, receiving cash, $19,800.
6. Paid creditor on account, $750.
7. Paid office salaries, $2,500.
8. Paid dividends, $3,500.
9. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900.
Instructions
1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
| Assets | – | Liabilities | + | Stockholder’s equity | ||||||||||||||
| Cash + Supplies | – | Accounts Payable | + | Capital Stock | – | Dividends | + | Sales Commissions | – | Rent Expense | – | Salaries Expense | – | Auto Expense | – | Supplies Expense | – | Misc. Expense |
2. Prepare an income statement for April, a retained earnings statement for April, and a balance sheet as of April 30.
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