Harmony Cabot opened a music store in a local mall, selling CDs and tapes. She invested $80,000
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Harmony Cabot opened a music store in a local mall, selling CDs and tapes. She invested $80,000 in the business and borrowed $140,000 from a local bank. The following additional events occurred during April, the first month of operations:
a. Paid cash for equipment costing $45,150.
b. Purchased an inventory of CDs and tapes for $129,600 in cash.
c. Sold one-third of the CDs and tapes for a cash sales price of $85,000.
d. Paid expenses as follows:
Employee wages .........$12,300
Rent ............. 15,500
Utilities ............ 4,800
Postage ............. 650
Insurance ............ 1,290
Record the transactions using the format shown in the chapter.
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Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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