Reference no: EM132946944

Question - Journal entries and trial balance - On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month:

a. Faith Schultz transferred cash from a personal bank account to an account to be used for the business, $20,000.

b. Paid rent on office and equipment for the month, $3,750.

c. Purchased supplies on account, $1,100.

d. Paid creditor on account, $400.

e. Earned sales commissions, receiving cash, $16,750.

f. Paid automobile expenses (including rental charge) for month, $1,000, and miscellaneous expenses, $700.

g. Paid office salaries, $2,150.

h. Determined that the cost of supplies used was $600.

i. Withdrew cash for personal use, $1,000.

Required - Determine the increase or decrease in owner's equity for October.