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Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $40,000 for January sales. Its employees

Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $40,000 for January sales. Its employees also earn January wages of $12,000 that are not paid until the first of February. Complete the following statements for the month-end of January.

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