Fourth Investments, Inc., began by issuing common stock for cash of $200,000. The company immediately purchased computer

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Fourth Investments, Inc., began by issuing common stock for cash of $200,000. The company immediately purchased computer equipment on account for $56,000.

1. Set up the following T-accounts of Fourth Investments, Inc.: Cash, Computer Equipment, Accounts Payable, and Common Stock.

2. Record the first two transactions of the business directly in the T-accounts without using a journal.

3. Show that total debits equal total credits.

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Financial Accounting

ISBN: 978-0134725987

12th edition

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

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Question Posted: May 20, 2020 11:28 AM

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Fourth Investments, Inc., began by issuing common stock for cash of $200,000. The company immediately purchased computer

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Financial Accounting

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