Reference no: EM131777033

Problem - On March 1, 2008, Ginny Tyler established Seltzer Realty. Ginny completed the following transactions during the month of March:

a. Opened a business bank account with a deposit of $30,000 in exchange for capital stock.

b. Purchased supplies (pens, file folders, paper, etc.) on account, $2,650.

c. Paid creditors on account, $1,500.

d. Earned sales commissions, receiving cash, $36,750.

e. Paid rent on office and equipment for the month, $5,200.

f. Paid dividends of $8,000.

g. Paid automobile expenses (including rental charge) for month, $2,500, and miscellaneous expenses, $1,200.

h. Paid office salaries, $9,250.

i. Determined that the cost of supplies on hand was $900; therefore, the cost of supplies used was $1,750.