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QUESTION 6 (Revision of ACCTG 102) In the answer booklet, you are provided with nine transactions that occurred in July. You are required to:
QUESTION 6 (Revision of ACCTG 102) In the answer booklet, you are provided with nine transactions that occurred in July. You are required to: 1. Complete the journal entries for the July transactions. GST does not apply to this question. 2. Determine the net effect (state increase or decrease) of these July transactions on the entity's cash balance. In your workings, you must show the total cash inflow and the total cash outflow amounts. 3. Determine the dollar effect caused by the nine transactions by completing the table in the answer booklet. Some answers have been included to help you. 4. Briefly (under 30 words) explain why your profit for July did not equal your July cash increase.
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