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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 $28,000 in exchange for common stock. b. Paid rent on office and equipment for the month, $3,600 c. Paid automobile expenses for month, $1,300, and miscellaneous expenses, $700. d. Purchased office supplies on account, $1,250 e. Earned sales commissions, receiving cash, $18,400. f. Paid creditor on account, $750 g. Paid office salaries, $3,000. h. Paid dividends, $3,300. 1. Determined that the cost of supplies on hand was $500; therefore, the cost of supplies used was $750.
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