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J. D. Simpson started The Simpson Co., a new business that began operations on May1. The Simpson Co. completed the following transactions during its first

J. D. Simpson started The Simpson Co., a new business that began operations on May1. The Simpson Co. completed the following transactions during its first month of operations.

May 1 J. D. Simpson invested $60,000 cash in the company in exchange for common stock.

1 The company rented a furnished office and paid $3,200 cash for May

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