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George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks: A. George Hoskin contributed cash of $13,000
George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks: A. George Hoskin contributed cash of $13,000 and a truck worth $10,000 to start the business. He received Common Stock in return. B. Paid two months' rent in advance, $700. C. Agreed to do a hauling job for a price of $1,200. D. Performed the hauling job discussed in "C." We will get paid later. E. Received payment of $700 on the hauling job done in "D." F. Purchased gasoline on credit, $50. G. Performed another hauling job. Earned $750, was paid cash. Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-accounts when you are done. Cash Bal. Bal. Accounts Receivable Prepaid Rent Truck Accounts Payable George Hoskin, Common Stock Hauling Revenue Bal. Gas & Oil Expense
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