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a. Paid $2,800 cash on October 1 to purchase a one-year insurance policy. b. Purchased $1,400 of supplies on account. Paid $850 cash on accounts
a. Paid $2,800 cash on October 1 to purchase a one-year insurance policy. b. Purchased $1,400 of supplies on account. Paid $850 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $400. c. Provided services for $7,500 cash. d. Collected $10,800 in advance for services to be performed in the future. The contract called for services to start on May 1 and to continue for one year. e. Accrued salaries amounting to $4,800. f. Sold land that cost $17,900 for $17,900 cash. g. Acquired $53,000 cash from the issue of common stock. h. Earned $10,500 of revenue on account. Collected $9,450 cash from accounts receivable. i. Paid cash for other operating expenses of $1,050. a. Paid $2,800 cash on October 1 to purchase a one-year insurance policy. b. Purchased $1,400 of supplies on account. Paid $850 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $400. c. Provided services for $7,500 cash. d. Collected $10,800 in advance for services to be performed in the future. The contract called for services to start on May 1 and to continue for one year. e. Accrued salaries amounting to $4,800. f. Sold land that cost $17,900 for $17,900 cash. g. Acquired $53,000 cash from the issue of common stock. h. Earned $10,500 of revenue on account. Collected $9,450 cash from accounts receivable. i. Paid cash for other operating expenses of $1,050
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