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I am struggling with the lingo of accounting and where and why certain items go on the accounting journal. Some one please help me with
I am struggling with the lingo of accounting and where and why certain items go on the accounting journal. Some one please help me with this question:
An auto-body repair shop has been in business for 23 years. a. Signed a long-term note and received a $180,000 loan from a local bank. b. Billed a customer $4,800 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $800 of rent for the current month. d. Received $525 cash from a customer for work done the same day. e. The company incurred $505 in advertising costs for the current month and is planning to pay these costs next month. 1. Prepare journal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) teraguired for a transactionlevent, select No Journal Entry Required" In the frst accountStep by Step Solution
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