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Cost of supplies used during the month

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Opened a business bank account with a deposit of $75,000 in exchange for capital stock.purchased supplies on account, $3,000.Paid creditors for account payable,$1,000. Received cash from Revenue earned on insurance commissions, $11,800. Paid rent on office and equipment for the month, $4,000. Paid automobile expenses for month, $600, and miscellaneous expenses, $200. Paid office salaries, $2,500. Determined that the cost of supplies used during the month was $1,100. billed insurance companies for Revenue earned, $12,500.Paid dividends, $5,000.

Reference no: EM13986434

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