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Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. The following is a summary of the transactions
Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.
The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $56,000, of which $20,600 is on account. 2. May 2 Collect on accounts receivable, $17,600. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $6,200 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,600. 6. October 19 Purchase equipment for $7,600 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balancesStep by Step Solution
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