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Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment (1) $10,000 cash, (2) equipment
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28.000 note payable related to the equipment (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A Required B Required c Analyze the transaction using the accounting equation. Assets Liabilities Equity Cash Equipment Note Payable Revenue + =
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