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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:

  1. Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $60,000 in exchange for common stock.
  2. Borrowed $100,000 by issuing a note payable.
  3. Received cash from fees earned, $30,000.
  4. Paid rent on office and equipment for the month, $5,000.
  5. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000.
  6. Paid office salaries, $6,500.
  7. Paid interest on the note payable, $500.
  8. Purchased land as a future building site, paying cash of $120,000.
  9. 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 cash

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