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5. Complete T-account entries for the following transactions: a. Paid insurance for the next year: $120,000 cash b. Invested $50,000 cash in a short-term investment

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5. Complete T-account entries for the following transactions: a. Paid insurance for the next year: $120,000 cash b. Invested $50,000 cash in a short-term investment c. Hired employees who will begin working in 8 weeks with a combined salary of $18,000 d. Purchased office furniture for $34,500 cash; $500 of which is shipping expense

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