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Goal Systems, a business consulting firm, engaged in the following transactions: Issued common stock for $56,000 cash. Borrowed $17,000 from a bank. Purchased equipment for
Goal Systems, a business consulting firm, engaged in the following transactions: Issued common stock for $56,000 cash. Borrowed $17,000 from a bank. Purchased equipment for $8,000 cash. Prepaid rent on office space for 6 months in the amount of $7,000. Performed consulting services in exchange for $3,600 cash. Performed consulting services on credit in the amount of $15,000. Incurred and paid wage expense of $8,300. Collected $7,000 of the receivable arising from Transaction f. Purchased supplies for $1,100 on credit. Used $900 of the supplies purchased in Transaction i. Paid for all of the supplies purchased in Transaction i. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the for
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