Paper 1 October/November 2008 Accounting (9706/01) A Level

At the start of the year on 1 January, a business had an inventory of stationery which had cost
$\$ 3740$. On that date, $1200 was owed to suppliers for stationery.
During the financial year ended 31 December, a total of $\$ 38800$ was paid for stationery. Some old stationery was sold to staff for $240.
At the end of the year on 31 December, the business had an inventory of stationery valued at
cost, $\$ 4200$. On that date, $\$ 1800$ was owed…