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On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account
On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $31,000 from personal funds. Purchased office supplies on account, $3,170. Paid creditor on account, $2,000. Earned sales commissions, receiving cash, $32,330. Paid rent on office and equipment for the month, $6,340. Withdrew cash for personal use, $10,000. Paid automobile expenses (including rental charge) for the month, $3,040, and miscellaneous expenses, $1,450. Paid office salaries, $3,810. Determined that the cost of supplies on hand was $1,070; therefore, the cost of supplies used was $2,100
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