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Question 1: (5 Marks) At the first of December, Waleed invest $25,000 in a new Call Center Company (CCC). The following transactions occurred during the
Question 1: (5 Marks) At the first of December, Waleed invest $25,000 in a new Call Center Company (CCC). The following transactions occurred during the month. On December 1, Purchase office equipment of $3000, he issued 3-months note payable. 5 Received cash for future services of $1200. 10 Paid rent for cash $ 800. 13 Purchase supplies on account of $ 1200. 25 Paid salaries of $6500 cash 28 Paid accounts payable 600 $ cash. 31 Paid one-year policy, effective date December 1 of $800 Instructions: a) Prepare the journal entries for Waleed Company. b) Post the journal entries to T accounts ONLY for cash account (4 Marks) (1 Marks)
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