indicate the effect of each transaction and the balances after each transaction usin 551157 | Homework Solutions

PR 1-4B Transactions; financial statements

On June 1, 2012, Lindsey Brown established Equity Realty. Lindsey completed the following transactions during the month of June:

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a. Opened a business bank account with a deposit of $15,000 from personal funds.

b. Paid rent on office and equipment for the month, $4,000.

c. Paid automobile expenses (including rental charge) for month, $1,200, and miscellaneous expenses, $800.

d. Purchased supplies (pens, file folders, and copy paper) on account, $1,000.

e. Earned sales commissions, receiving cash, $18,500.

f. Paid creditor on account, $600.

g. Paid office salaries, $2,500.

h. Withdrew cash for personal use, $5,000.

i. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $700.


1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:


= Liabilities +

Owner’s Equity












Cash + Supplies


+ Capital

– Drawing


– Expense

– Expense

– Expense

– Expense

– Expense

2. Prepare an income statement for June, a statement of owner’s equity for June, and a balance sheet as of June 30.

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