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Assume you manage a music store. From the following business activities, evaluate and describe how the transactions might be accounted for and recorded. Include examples
Assume you manage a music store. From the following business activities, evaluate and describe how the transactions might be accounted for and recorded. Include examples of each transaction below showing journal entries and hypothetical amounts using T-accounts. Be sure to name each account used:
- Receipt of cash from sale of CDs
- Payment of cash for building rent
- Payment of cash for a utility bill
- Receipt of cash from payment on account
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