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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?

  1. Your business performed services for a client and charged that person $1,000. The client will pay in 10 days.
  2. Your client paid their bill in full.
  3. Your business bought inventory on credit for $3,000.
  4. Your business sold inventory that cost $500 for $800. This was a cash sale.
  5. Your business paid for the inventory in (3).
  6. Your business sold inventory that cost $200 for $600. This was a credit sale.
  7. The customer in (6) paid their bill in full.
  8. The business recorded a depreciation expense of $100
  9. The business bought a computer using cash. The computer cost $3,000
  10. 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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