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Assume Maudelin Souvenir Shop has been in business for several years. The balances in the accounts on January 1, 2019 are in the Transaction Analysis

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Assume Maudelin Souvenir Shop has been in business for several years. The balances in the accounts on January 1, 2019 are in the Transaction Analysis Worksheet and in the T- Accounts. The following transactions took place during 2019. 1. Company purchased inventory on credit (with accounts payable), cost of $295,000. 2. Company made credit sales (with accounts receivable), amount of $200,000. 3. Company collected accounts receivable, amount of $140,000. 4. Company hired a new assistant store manager. She will start in January 2020. 5. Company made cash sales, amount of $150,000. 6. Company paid off accounts payable in the amount of $225,000. 7. Company counted inventory at year-end, and found that the inventory sold cost $245,000 8. Company paid $33,000 in salaries in cash. 9. Company paid $3,000 for interest on the note payable (Noncurrent). 10. Company recognized $2,500 in depreciation on the Property, Plant and Equipment. 11. Company pays income taxes at a rate of 20%. It uses an income tax payable account now, and will pay cash in the future. Requirements A. Complete a transaction analysis worksheet and indicate the account, amount and direction of the effect: increase or decrease. Put the ending balances in each column. Use the Excel worksheet

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