On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 2 3 4 5 6 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700. 7 Paid rent on office and equipment for the month, $2,250. Purchased supplies on account, $2,300. Paid creditor on account, $840. Earned sales commissions, receiving cash, $14,500. Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $590. Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,350. 9 Paid dividends, $2,300.

On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 2 3 4 5 6 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700. 7 Paid rent on office and equipment for the month, $2,250. Purchased supplies on account, $2,300. Paid creditor on account, $840. Earned sales commissions, receiving cash, $14,500. Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $590. Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,350. 9 Paid dividends, $2,300.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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