Question
IBM Corporation had the following transactions in February 2024: Acquired office supplies worth $6,000 on account. Paid $3,000 in cash for repairs and maintenance. Provided
IBM Corporation had the following transactions in February 2024:
- Acquired office supplies worth $6,000 on account.
- Paid $3,000 in cash for repairs and maintenance.
- Provided services worth $15,000 on account.
- Collected $9,000 from customers for services previously billed.
Prepare the journal entries for these transactions and discuss their effect on IBM's financial statements.
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
