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EZ curb company completed the following transactions. The annual accounting period ends December 31. elp Save&Ex Che EZ Curb Company completed the following transactions. The

EZ curb company completed the following transactions. The annual accounting period ends December 31. image text in transcribed
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elp Save&Ex Che EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $14,500. (Assume a perpetual inventory system. Jan. 17 Paid for the January 8 purchase. Apr. 1 Received $40,800 from National Bank after signing a 12-month, 6.5 percent, promissory note. June 3 Purchased merchandise on account at a cout of $18,500. July 5 Paid for the June 3 purchase. Ful y 31 Rented out a small office in a building owned by Ez curb Company and collected six months' rent in advance, amounting to s6,300. (Use an account called Deferred Revenue.) Dec. 20 Collected $110 cash on account from a customer. Dec. 31 Determined that wages of $6,700 were earned but not yet paid on December 31 (Ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent. Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accountin equation 2. For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased there is no change. (Assume EZ Curb Company's debt-to-assets ratio has always been less than 1.0.) Complete this question by entering your answers in the tabs below. 10

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