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Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name
Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July:
- Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $60,000 in exchange for common stock.
- Borrowed $100,000 by issuing a note payable.
- Received cash from fees earned, $30,000.
- Paid rent on office and equipment for the month, $5,000.
- Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000.
- Paid office salaries, $6,500.
- Paid interest on the note payable, $500.
- Purchased land as a future building site, paying cash of $120,000.
- Paid dividends, $3,000.
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Statement of Cash Flows a. Financing 60,000 b. Financing 100,000 c. Operating 30,000 d. Operating e. Operating f. Operating g. Operating 1111 h. Investing i. Financing Increase in cashStep by Step Solution
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