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1. Issued 19,000 common shares in exchange for $95,000 cash. 2. Took out a $24,200 loan from the bank. 3. Paid $25,900 to purchase inventory.
1. Issued 19,000 common shares in exchange for $95,000 cash. 2. Took out a $24,200 loan from the bank. 3. Paid $25,900 to purchase inventory. 4. Equipment costing $34,200 was purchased for $8,900 cash, with the balance on account. 5. Made sales of $50,100 to customers, with $14,400 being cash sales and the balance on account. 6. The cost of the inventory sold to customers was $23,600. 7. Paid employee wages totalling $10,700. 8. Operating expenses of $3,200 were paid during the month. 9. Deprecation of $800 was recorded for the month. 10. Dividends of $950 were declared and paid during the month. i. Sales revenue $ ii. Cost of goods sold $ iii. Total expenses other than cost of goods sold $ iv. Net Income or Loss $
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