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1 6-Suppose that the beginning balances of the capital and retained earnings accounts are 1.000 TL and 400 TL, respectively. During the period, the following
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6-Suppose that the beginning balances of the capital and retained earnings accounts are 1.000 TL and 400 TL, respectively. During the period, the following transactions occurred: (a) A service fee of 400 TL was collected in cash. (b) A utility bill of 120 TL was paid. (c) 130 TL of interest income was accrued on the bank deposit account. (d) 220 TL of an insurance fee for the next year was paid. (e) One of the shareholders withdrew 330 TL from the company. (f) 150 TL of dividends are paid to shareholders. Assuming that these are the only information we have, what is the ending balance of the total equity at the end of the period? a) 1.110 TL b) 1.330 TL c) 1.450 TL d) 1.200 TL OtherStep by Step Solution
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