Business, 04.03.2020 05:30 jadbaubl1449

Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $50,500 in exchange for common stock. Borrowed $23,000 by issuing a note payable. Received cash from fees earned, $28,500. Paid rent on office and equipment for the month, $2,600. Paid automobile expense for the month, $2,000, and miscellaneous expense, $800. Paid office salaries, $4,200. Paid interest on the note payable, $110. Purchased land as a future building site, $59,000. Paid dividends, $3,800.

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Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transaction...