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Question 2 (18 marks) The Mario Brothers decide to open a pizza parlor near the local college campus that will operate as a corporation.

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Question 2 (18 marks) The Mario Brothers decide to open a pizza parlor near the local college campus that will operate as a corporation. Reported below are the following transactions for the month of June 2021: Transaction # Transactions 1 2 3 45 7 6789 8 9 10 11 The brothers invests $25,000 cash in exchange for common stock to start a pizza parlor business on June 1. Purchased equipment for $4,000 paying $2,000 in cash and the remainder due in 30 days. The company borrowed $10,000 one a 1 year note payable. Purchased supplies for $1,200 cash. Received a bill from Campus News for $200 for advertising in the campus newspaper. Cash receipts from customers for pizza sales amounted to $1,500. Paid salaries of $200 to employees. Billed the Tiger Football Team $300 for pizzas ordered. Paid $200 to Campus News for advertising that was previously billed in Transaction 4. The company paid dividends of $1,200. Incurred utility expenses for the month on account, $100. Required 1. Prepare a tabular analysis by recording the transactions. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Use the following column headings: Cash, Accounts Receivable, Supplies, Equipment Accounts Payable, Notes Payable, Common Stock and Retained Earnings (sub headings, Revenues, Expenses & Dividends). Ensure to provide totals for each account.

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