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transactions, financial statements

On August 1st, 2006 Shad Menard established Centillion Reality. Shad completed the following transactions during the month of august.
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, 2,400
c-paid automobile expenses including rental charge for month, 750 and misc expense of 380
d- purchased supplies pens, file folers and copy paper, on account 950.00
e earned sales commission receiving cash 17350.
f- paid credit on account 580
g- paid office salaries 3,600
h- withdrew cash for personal use 1,500
i- determined that the cost of supplies on hand was 275, therefore the cost of supplies used was 675
indicate the effect of each transaction and the balances after each transaction, using the following tabular headings. explain the nature of each increase and decrease in owner's equity by an appropriate notation at the right of the amount.
assets=liabilites+owners equity

then prepare an income statement.
statement of owners equity
balance sheet.

Solution Preview

Please see the attached excel spreadsheet...note that the balance sheet ...