Transactions; financial statements
On October 1, 2014, Kevin Bosley established Sunrise Realty. Kevin completed the following transactions during the month of October:
1. Opened a business bank account with a deposit of $18,000 in exchange for capital stock.
2. Purchased office supplies on account, $3,200.
3. Paid creditor on account, $1,800.
4. Earned sales commissions, receiving cash, $36,750.
5. Paid rent on office and equipment for the month, $4,000.
6. Paid dividends, $3,000.
7. Paid automobile expenses (including rental charge) for month, $2,500, and miscellaneous expenses, $1,200.
8. Paid office salaries, $3,750.
9. Determined that the cost of supplies on hand was $1,550; therefore, the cost of supplies used was $1,650.
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 October, a retained earnings statement for October, and a balance sheet as of October 31.
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