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Rajeet starts an advertising company on May 1, 2021. For each of the below transactions occurring in 2021, provide the necessary T-Accounts (with final balances)
Rajeet starts an advertising company on May 1, 2021. For each of the below transactions occurring in 2021, provide the necessary T-Accounts (with final balances) to document the transaction from the business' perspective. May 1, 2021: Rajeet invests $10,000 Cash into the business in exchange for Capital Stock. June 30, 2021: Obtained a $1,000 loan from a bank to be paid back in June 2022. December 5, 2021: Collect $5,000 Cash from clients billed in October. December 27, 2021: Incurred salaries expenses of $2,000 for the payroll period of December 13- 27 to be paid in January 2022. December 30, 2021: Paid rent expense of $1,500 in cash for the month of December
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