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Record the effect of each of the following independent transactions using the financial statements effects template provided. Confirm that Assets Liabilities+ Equity for each transaction
Record the effect of each of the following independent transactions using the financial statements effects template provided. Confirm that Assets Liabilities+ Equity for each transaction Balance Sheet Noncash Assets Contributed Transaction Cash Asset + Liabilities + Earned Capital Reve Capital (1) Receive 37500 in exchange for common stock. (2) Borrow 7500 from bank. (3) Purchase 1500 of supplies inventory on credit. (4) Receive 11250 cash from customers for services provided. (5) Pay 1500 cash to supplier in transaction 3 (6) Receive order for future services with 2625 advance
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