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How do the follow affect the balance sheet and income statement? Your business performed services for a client and charged that person $1,000. The client
How do the follow affect the balance sheet and income statement?
- Your business performed services for a client and charged that person $1,000. The client will pay in 10 days.
- Your client paid their bill in full.
- Your business bought inventory on credit for $3,000.
- Your business sold inventory that cost $500 for $800. This was a cash sale.
- Your business paid for the inventory in (3).
- Your business sold inventory that cost $200 for $600. This was a credit sale.
- The customer in (6) paid their bill in full.
- The business recorded a depreciation expense of $100
- The business bought a computer using cash. The computer cost $3,000
- An hour after being bought, someone in the business dropped the computer on the ground and smashed it. The computer was not insured.
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