On August 1, 20Y9, Brooke Kline established Western Realty. Brooke carried out the following transactions for the period of the month of August: a. Opened a monetary institution tale with a deposit of $35,000 in commerce for identical old stock.b. Bought gives on tale, $2,750.c. Paid creditor on tale, $1,800.d. Earned commissions, receiving cash, $52,800.e. Paid rent on office and equipment for the month, $4,500.f. Paid dividends, $3,000.g. Paid automobile for month, $1,100, and miscellaneous expenses, $1,200.h. Paid office salaries, $5,250.i. Certain that the label of gives on hand changed into as soon as $1,750; due to this truth, the label of gives used changed into as soon as $1,000.Required: Gift the carry out of each transaction and the balances after each transaction, the exhaust of the following tabular headings:Sources = Liabilities + Stockholders EquityAccounts Similar old Sales Salaries Rent Auto Affords MiscellaneousCash + Affords = Payable + Inventory – Dividends + Commissions – Expense – Expense – Expense – Expense – Expense a. Prepare an for August. b. Prepare a assertion of stockholders fairness for August. c. Prepare a as of August 31. Fragment on Fb Tweet Apply us Sample Resolution Western Realty 1. Journal Entries and Steadiness Sheet | Date | Transaction | Asset | = | Prison responsibility | + | Stockholders Equity | |—|—|—|—|—|—|—|—|—|—|—|—|—|—|—|—|—|—|—|—| | Aug 1 | Opened monetary institution tale | Cash +35,000 | | | + | Similar old Inventory +35,000 | | Aug 2 | Bought gives on tale | Affords +2,750 | | | | | Accounts Payable +2,750 | | Aug 3 | Paid creditor on tale | Accounts Payable -1,800 | | | | | Cash -1,800 | | Aug 4 | Earned commissions | Cash +52,800 | | | | | Commissions +52,800 | | Aug 5 | Paid rent | Rent Expense -4,500 | | | | | Cash -4,500 | | Aug 6 | Paid dividends | Dividends -3,000 | | | | | Cash -3,000 | | Aug 7 | Paid automobile and miscellaneous expenses | Auto Expense -1,100 | | | | | Cash -1,100 | Elephantine Resolution Allotment | Aug 8 | Paid office salaries | Salaries Expense -5,250 | | | | | Cash -5,250 | | Aug 31 | Adjusted for gives used | Affords Expense -1,000 | Affords -1,000 | | | | | 2. Monetary Statements a. Income Bellow for the Month Ended August 31, 20Y9 Commissions Income: $52,800 Funds: Rent Expense: $4,500 Salaries Expense: $5,250 Auto Expense: $1,100 Affords Expense: $1,000 Total Funds: $11,850 Procure Income: $40,950 b. Bellow of Stockholders’ Equity for the Month Ended August 31, 20Y9 Similar old Inventory, Starting Steadiness: $35,000 Add: Procure Income: $40,950 Much less: Dividends: $3,000 Similar old Inventory, Ending Steadiness: $72,950 c. Steadiness Sheet as of August 31, 20Y9 Sources: Cash: $37,100 Affords: $1,750 Total Sources: $38,850 Liabilities: Accounts Payable: $950 Total Liabilities: $950 Stockholders’ Equity: Similar old Inventory: $72,950 Retained Earnings: $40,950 Total Stockholders’ Equity: $113,900 Total Liabilities and Stockholders’ Equity: $113,900 This interrogate has been answered. Acquire Resolution
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