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On June 1 of the current year, Joe Smith established a business to manage rental property. He completed the following transactions during June:
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1.     Opened a business bank account with a deposit of $55,000 from personal funds.
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2.     Purchased office supplies on account, $3,300.
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3.     Received cash from fees earned for managing rental property, $18,300.
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4.     Paid rent on office and equipment for the month, $8,300.
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5.     Paid creditors on account, $2,290.
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6.     Billed customers for fees earned for managing rental property, $30,800.
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7.     Paid automobile expenses for the month, $1,380, and miscellaneous expenses, $1,800.
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8.     Paid office salaries, $7,300.
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9.     Determined that the cost of supplies on hand was $1,250; therefore, the cost of supplies used was $2,050.
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10.Withdrew cash for personal use, $13,800.
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