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Please create a transaction table for the following events that occurred during the first month of operations of a translation services business. Please note whats
Please create a transaction table for the following events that occurred during the first month of operations of a translation services business. Please note whats the ending balance for Assets, Liabilities, and Shareholders Equity. Record only the events described:
- January 1: You and your mother started the World Translation Services business by investing $50,000 in cash
- January 2: You purchased furniture, computers, and other office equipment for $10,000 on account
- January 3: You translate a large document for your first client, an investment bank, for $2,000; they will pay in 2 weeks.
- January 4: Smaller customers need to translate birth certificates. They pay $500 in cash.
- January 17: The investment bank pays cash for the transaction described in 3.
- January 20: You have to settle the bill for the transaction mentioned in 2.
- January 25: You decide to borrow $5,000 from a bank to continue growing the business
- January 30: You need to pay $5,000 cash in salaries to your employees who have been working for you during this month
- January 31: you receive a bill for $2,000 for rent of the space accrued this month. You will pay next month 10. January 31: you pay a $1,000 dividend to equity holders
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