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On August 1, 20Y9, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August: a. Opened a business bank
On August 1, 20Y9, Brooke Kline established Western Realty. Brooke completed the following transactions during the month of August: a. Opened a business bank account with a deposit of $20,000 in exchange for common stock. b. Purchased office supplies on account, $1,800. c. Paid creditor on account, $1,350. d. Earned sales commissions, receiving cash, $40,000. e. Paid rent on office and equipment for the month, $3,300. f. Paid dividends, $3,600. g. Paid automobile expenses for month, $3,050, and miscellaneous expenses, $1,600. h. Paid office salaries, $3,500. i. Determined that the cost of supplies on hand was $850; therefore, the cost of supplies used was $950.
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