Macedo established an insurance agency on January 1 of the current year
and completed the following transactions during January: (a)Opened a business bank account with a deposit of $75,000 in exchange for capital stock.(b)Purchased supplies on account, $3,000.(c)Paid creditors for account, $1,000.(d)Received cash from fees earned on insurance commissions, $11,800.(e)Paid rent on office and equipment for the month, $4,000.(f)Paid automobile expenses for month, $600, and miscellaneous expenses, $200.(g)Paid office salaries, $2,500.(h)Determined that the cost of supplies on hand was $1,900; therefore, the cost of supplies used during the month was $1,100.(i)Billed insurance companies for sales commissions earned, $12,500.(j)Paid dividends, $5,000.