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How do I record the following transactions in the financial worksheet provided? Thank you! :) a. The company pays a partial payment of $30,000 on
How do I record the following transactions in the financial worksheet provided? Thank you! :)
a. The company pays a partial payment of $30,000 on its account on January 24th for the inventory. Dennis negotiated a partial payment on the inventory. The remainder is to be paid in 15 days.
b. The company receives a check in the mail for $10,000 on January 24th as partial payment of the account receivable owed by the customer in entry #9 above.
Balance Sheet Assets Accounts Reveivable Income Statement Revenue minus Expenses = Net Income Legal Advertising Fees Rent Utilities Depreciation Accumulated Equipment Depreciation Liabilities Wages Payable Accounts Payable Equity Common Retained Stock Earnings 104,100 Notes Payable Cost of Revenue Goods Sold T# Inventory Deposits Wages Interest Net Income Cash 104,100 1 (4,500) 4,500 60,000 60,000 15,000 (7,000) 15,000 (7,000) 9 10 11 8,000 8,000 8,000 8,000 (8,000) 8,000 12 13 14 15 16 17 18 19 20 21 91,600 15,000 53,000 4,500 - 60,000 - 104,100 16,000 15,000 (7,000) 8,000 16,000 027 must balance with Z27Step by Step Solution
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