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On March 1^st, 2014, Lee Ann began a new business called MR Arts. The following five transactions were completed by the business during March. (March

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On March 1^st, 2014, Lee Ann began a new business called MR Arts. The following five transactions were completed by the business during March. (March 1) Lee Ann invested $300,000 cash in the company. (March 3) Purchased land and a small building for $500,000, paying $200,000 cash and signing a note payable for the balance. The land was considered to be worth $300,000 and the building $200,000. (March 4) Purchased art supplies for $10,000. Paid $5,000 cash and agreed to pay the balance within 60 days. (March 8) Paid the balance owed on the art supplies purchased March 4. March 9) Borrowed $20,000 from a bank and signed a note payable due in six months. record the above transactions in the General Journal below

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