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Q1 Make the analysis of the following transactions and record them in various accounts by applying the rules of debit and credit. March 01,
Q1 Make the analysis of the following transactions and record them in various accounts by applying the rules of debit and credit. March 01, 2016: Invested $ 100,000 cash, Building $ 75,000 and furniture $ 25,000. || 04, 2016: Purchased goods for cash $ 44,000, subject to trade discount @ 10%. || 07, 2016: Purchased goods from Wilson & Sons for $5,000. 11 11 || 12, 2016: Sold goods on account to Christ $ 8,000. 15, 2016: Received cash from Christ $ 7,800, discount allowed $ 200. 16, 2016: Paid Wilson & sons against account $ 4,750, discount received $ 250. || 18, 2016: Goods taken away by the owner $ 350. || 21, 2016: Paid salaries $ 1000, Rent $ 600, and repairing charges $ 400. 11 30, 2016: Received commission $ 1200. 31, 2016: Goods distributed as free samples $ 1000.
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