Question
Pandey Inc. had the following activities during the month: Borrowed $880,000 cash, signing a promissory note. Bought a building for $1,160,000, paying $260,000 in cash
Pandey Inc. had the following activities during the month:
Borrowed $880,000 cash, signing a promissory note. Bought a building for $1,160,000, paying $260,000 in cash and signing a promissory note for $900,000. Rented equipment at a cost of $28,000 per month and issued a check covering six months rent. Provided $195,000 of services and billed customers. Purchased $66,000 of supplies on account. Received a utility bill for the current period in the amount of $4,800. Raised sales prices on 200 units from $420 per unit to $620 per unit. Received a 50% deposit from a customer on a $56,000 order to be filled next month. Required: Analyze the events listed below by indicating the accounts and amounts involved in the table below. In the column labeled "+/-", select the sign that describes how the accounting equation is affected. If the event should not to be recorded as a transaction, leave it blank. (Enter all amounts as positive values.)
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