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please help me answer the question?? Scott, Kim and Koko organized the SKK Corporation on January 1201. Each of these owners invested $30,000 cash and
please help me answer the question??
Scott, Kim and Koko organized the SKK Corporation on January 1201. Each of these owners invested $30,000 cash and received shares. Below are selected transactions that were completed during January. Selected January Transactions: (1) Sold shares mentioned above to the owners. (2) Borrowed $100,000 on one-year note payable. (3) Purchased land by signing a $20,000 note payable. (4) Paid $5,000 of trade payables. (5) Purchased two service vehicles, $21,000 each; paid cash. Required a) Write the joumal entries for the above transactions. b) Based on the above transactions ONLY, what is the ending balance for: Assets Liabilities Analysis the transactions of a business organized as a corporation described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign () to indicate a decrease. Assets = Liabilities + Shareholders' Equity 1. Received cash for services provided. 2. Purchased office equipment on credit. 3. Paid employees' salaries. 4. Received cash from customer in payment on account. 5. Paid telephone bill for the month. 6. Paid for office equipment purchased in transaction 2. 7. Purchased office supplies on credit. 8. Dividends were paid. 9. Obtained a loan from the bank 10. Billed customers for services performed. Required Use the template on the right and fill in the effect on the basic accounting equation of each of the above. Use a plus sign (+) to indicate an increase and a minus sign () to indicate a decrease Step by Step Solution
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