f July: Duane Mays established an insurance agency on July 1 of the current year and com- pleted the following transactions during July: a. Opened a business bank account with a deposit of $18,000 from personal funds. b. Purchased supplies on account, $950. c. Paid creditors on account, $575.- d. Received cash from fees earned on insurance commissions, $4,250. e. Paid rent on office and equipment for the month, $1,200.- f. Paid automobile expenses for month, $600, and miscellaneous expenses, $375. g. Paid office salaries, $1,500. h. Determined that the cost of supplies on hand was $225; therefore, the cost of supplies used was $725. i. Billed insurance companies for sales commissions earned, $6,350. j. Withdrew cash for personal use, $2,000. Asset