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Can someone help me with t-accounts. Im very confused about how you do these. Specifically, i get confused from question 5 onwards. Please draw all
Can someone help me with t-accounts. Im very confused about how you do these. Specifically, i get confused from question 5 onwards. Please draw all t-accounts needed
XYZ, Inc.: transaction analysis XYz, Inc. had the following transactions during January lin thousands]: 1. January 1: Received initial ownership equity financing of $100 2. January 1: Prepaid $50 for 5 months of storefront rent 3. January 1: Received bank loan of $200 at 12% interest 4. January 3: Purchased 10 units of inventory from vendor, on credit, at total (u price of $30 5. January 5: Paid $5 for advertising 6. January 15: Sells 1 units of inventory for total price of $5 (cash transaction) 7. January 24: Sells 2 units of inventory for total price of $10 (credit transaction) 8. January 25: Pays bank $1 of interest in cash 9. January 27: The vendor in (4) accepts shares of XYZ, Inc. common stock in settlement of the $30 amount still owed Required.: T-accounts for each transaction and for any required January 31 account adjustments (ignore tax effects)Step by Step Solution
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