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Assignment Q2: Pat Donahue started his repair shop on January 01, 2018 and the following transactions occurred during the month. January 01: Made cash investment
Assignment Q2: Pat Donahue started his repair shop on January 01, 2018 and the following transactions occurred during the month. January 01: Made cash investment to start the business $15,000. 05: Paid $2,400 for office furniture. 12: Purchase equipment for $10,000-paid $3,500 cash and signed a note payable for $6,500. 14: Take interview of the position of office assistant. 18: Paid rent for the month $6,000. 22: Received $10,800 in cash from customers for repair service. 25: Repair expense for the shop which is paid in cash $2,000. 27: Withdraw $500 cash for business purpose. 30: Paid salaries $ 6,500 and incurred advertisement expenses on account $2,000. Requirements: Prepare a tabular analysis of January transactions by using expanded accounting equation. [Use the following accounts title: Cash, Equipment, Supplies, Equipment, A/C payable, Notes payable, Capital, Drawings, Revenue, Expense]
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