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Briefly explain the impact (increase or decrease) these transactions would have on specific accounts in the income statement and balance sheet. Date Transaction January 1
Briefly explain the impact (increase or decrease) these transactions would have on specific accounts in the income statement and balance sheet.
Date | Transaction |
January 1 | Borrowed $6,000 on a note payable. Interest rate of 7% is to be paid at the end of each month. |
January 10 | Purchased 10 GoPro cameras for $100 each on account. Payment to the supplier is due on February 9. |
January 20 | Sold 2 of those GoPro cameras for $175 each on account. |
January 31 | Sold gift cards totaling $2,000 for cash to customers. |
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