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Dakota Incorporated On January 1, 2015, Dakota, Inc., had the following account balances in its general ledger. All accounts have a normal type of balance,
Dakota Incorporated On January 1, 2015, Dakota, Inc., had the following account balances in its general ledger. All accounts have a "normal" type of balance, i.e., a debit or credit balance, depending on the type of account. Cash $ 8,500 Accounts Receivable 5,000 Supplies 1.500 Prepaid Insurance Equipment 12,200 Accumulated Depreciation 3,200 Accounts Payable 4,900 Interest Payable Unearned Revenue 1,900 Notes Payable Dakota, Capital 17,200 Dakota, Withdrawals Service Revenue Rent Expense Salaries Expense Insurance Expense Supplies Expense Depreciation Expense Interest Expense boooo January Transactions: Amount January 1 Borrowed on a 6-month, 8% note. All principal and interest due at maturity. $ 5,000 January 2 Purchased equipment on account. 6,000 January 4 Paid cash for January rent of the building. 7,500 January 5 Received cash from customers in payment of accounts receivable. 3,500 January 9 Paid cash for a one-year insurance policy that covers the period from January 1, 2015 through December 31, 2015 3,600 January 11 Purchased supplies with cash. 1,800 January 15 Received cash for services provided to customers during January. 17,000 January 18 Paid creditors on accounts payable. 4,800 January 28 Billed customers for services provided during January. 5,500 January 31 Owner withdrew cash. 4,000 January 31 Paid January salaries. 8,000
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