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(Solved by Expert Tutors) The Cookie Company was incorpora


The Cookie Company was incorporated on January 1, 2015.??The following transactions?occurred in the month of January.

1.??Issued 93,000 shares of?no par common stock for $404,000.??

2.? Issued 2,000 shares of $10 par-value, 8%, preferred stock for $33,000.??

3.??Signed a 5-year,?5%, note with the Bank One for ?$149,000.

4.??Paid $39,600?annual rent for?office and warehouse space.

5.??Purchased $38,500 of office furniture and computer equipment.? Paid?33% down and signed a 3-year?unsecured note for the remainder.?

6.? Purchased ?$1,485 supplies on account.

7.? Paid $490 for freight and delivery on the office furniture.? Paid $513, set-up charges for the computer equipment.

8.? Received the supplies and discovered that $88 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 $14,875 for a full year of fire and liability insurance.

10.? Paid 20% of the remaining supply invoices in time to take a 1% discount.

What willl The Cookie Company report for accounts payable in its January 31 balance sheet? (Round to the nearest $1)

 


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