Reference no: EM131702029
Question - The Cookie Company was incorporated on January 1, 2015. The following transactions occurred in the month of January.
1. Issued 84,000 shares of no par common stock for $374,000.
2. Issued 7,000 shares of $10 par-value, 8%, preferred stock for $16,000.
3. Signed a 5-year, 5%, note with the Bank One for $79,000.
4. Paid $34,600 annual rent for office and warehouse space.
5. Purchased $31,500 of office furniture and computer equipment. Paid 24% down and signed a 3-year unsecured note for the remainder.
6. Purchased $1,638 supplies on account.
7. Paid $651 for freight and delivery on the office furniture. Paid $411, set-up charges for the computer equipment.
8. Received the supplies and discovered that $133 of the supplies did not match the invoice. The company returned the incorrect items, notified the supplier and recievd a credit on the store account.
9. Paid $17,596 for a full year of fire and liability insurance.
10. Paid 49% of the remaining supply invoices in time to take a 2% discount. The company treats discounts as a reduction in acquisition cost.
In January, how much did The Cookie Company pay for supplies? (Round to the nearest $1)
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