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Promo Company experienced the following events during its first year of operations: 1. Acquired an additional $20,000 cash from the owners. 2. Paid $2,000 cash
Promo Company experienced the following events during its first year of operations: 1. Acquired an additional $20,000 cash from the owners. 2. Paid $2,000 cash for utilities expense. 3. Paid a $1,000 cash dividend to the stockholders. 4. Provided additional services for $6,000 on credit. 5. Purchased additional land for $5,000 cash. 6. Paid $3,000 cash for salary expense. 7. Bought office supplies worth of 1,000 on credit. 8. Utilized the acquired office supplies. 9. Collected $5,000 from debtors. Required: Record the above transactions in the table below, reflecting their effect on the different financial statements. Precede the amount with a minus sign if the transaction reduces that section of the equation. Transaction #/Balance Assets Office Office Supplies Equipment Liabilities Accounts Payable Equity Owner's Equity Cash Land Balance 2 Balance Balance 4 Balance 5 Balance 6 Balance 7 Balance 8 Balance 9 Balance
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