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Question i: Selected transactions from Paul Company are as follows: Jan. I Invested S 100,000 cash to starl the business. 4 Purchased equipment for
Question i: Selected transactions from Paul Company are as follows: Jan. I Invested S 100,000 cash to starl the business. 4 Purchased equipment for S 10.000 cash. 8 Purchased supplies on account for S440: 12 Billed customers S3. '00 for services performed. Paid $300 for the current month rent. 1.0: K2.S2 20 Received a bill for advertising amounted to $230. 27 paid cash for supplies purchased on Jan 8. 31 Withdrew S280 cash for vxrsonal use by owner. Required: (a) Prepare the necessary journal entries for the above transactions. (5 marks) (b) Prepare the cash. Accounts receivable, and accounts payable T accounts. (5 marks)
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