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On July 1, 2017, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business
On July 1, 2017, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $23,000 from personal funds. b. Purchased office supplies on account, $2,340. c. Paid creditor on account, $1,480. d. Earned sales commissions, receiving cash, $23,920. e. Paid rent on office and equipment for the month, $4,690. f. Withdrew cash for personal use, $7,000. g. Paid automobile expenses (including rental charge) for the month, $2,250, and miscellaneous expenses, $1,080. h. Paid office salaries, $2,820. i. Determined that the cost of supplies on hand was $790; therefore, the cost of supplies used was $1,550.
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