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1: Adam Smith launched a repair business Softworks in April 1. The company had the following transactions during April. a. Adam Smith invested followings in
1: Adam Smith launched a repair business Softworks in April 1. The company had the following transactions during April. a. Adam Smith invested followings in the business i. Cash $65,000 ii. iii. Equipment $5,750 Computer equipment $30,000 b. Softworks purchased land for $22,000 for construction of office building by cash payment $5,000 and a long-term note payable $17,000. c. Softworks purchased a movable building with $34,500 cash and moved it onto the land. d. Two years pre-paid insurance $5,000 paid in cash e. Services provided for cash $4,600 f. Additional computer equipment $4,500 by paying $800 cash and a long-term g. Services provided on credit $4,250 h. Purchased $950 office equipment on credit. i. Services provided for $10,200 on credit. j. Unpaid rent $580 due within 30 days. k. Softworks received 50% of the cash from the transaction i. 1. Wages paid $1,800. m. Paid $950 cash to settle the obligation created in transaction h. n. Computer equipment maintenance cost $608 o. Cash dividend paid $6,230. p. Another $1,800 cash for wages q. Advertisement expense $750 paid in cash Required Prepare general journal entries, general ledgers, and trial balance to record the above transactions
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