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Hi, I need help with questions 5-7 please! help with questions 5-7 Complete the five journal entries below and the additional questions relating to the
Hi, I need help with questions 5-7 please!
help with questions 5-7
Complete the five journal entries below and the additional questions relating to the entries you made. Q1 January 1st: A small business received $32,000 Cash from an investor, the business issued shares to the investor. (2\%) Q2 January 1st: The business borrowed $18,000 from a bank at a 9% annual interest rate. (2\%) Q3 January 15 th: The business bought Equipment at a price of $15,000 using $5,000 cash and the remainder on account, (3\%)) Q4 lanuary 20 th: The business received $2,000 from a customer and agreed to perform services within 30 days. (2\%) Q5 January 31 st: The business pays the interest that has accumulated on the loan over the last month, They also pay $1,500 towards the principal of the loan, ( 5% ) Q6 How much Cash is left in the Cash T-Account? (Use the T-Account to the right to calculate this) ( 5%) Upload Choose a File Q6 Q7 Step by Step Solution
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