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Pizza Express Incorporated began the Year 2 accounting period with $9,000 cash, $6,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected
Pizza Express Incorporated began the Year 2 accounting period with $9,000 cash, $6,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: Purchased $10,500 of supplies on account. Earned and collected $20,000 of cash revenue. Paid $9,000 cash on accounts payable. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31, Year 2
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