Unformatted text preview: More Info Sold $80,000 of common stock to Grasso to start the business. Paid $600 for the purchase of ofﬁce supplies. Paid $40,000 cash to purchase land for an ofﬁce site. Purchased ofﬁce equipment on account, $2,500. Borrowed $25,000 from the bank. Grasso signed a note payable to the bank in the name of the business. Paid $2,150 on account. Revenues earned during the month included $9,000 cash and $24,000 on account.
Paid employees' salaries, $2,300; ofﬁce rent, $1,100; and utilities, $450.
Paid $2,500 of dividends to stockholder, Grasso. ...
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- Spring '08