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Record the following transactions following the format we used in the lecture. Each transaction has its own row. Do not total up the account balances
Record the following transactions following the format we used in the lecture. Each transaction has its own row. Do not total up the account balances after each transaction. Put a + or - to indicate if the amount is an increase or decrease, respectively. Use commas for thousands and millions. If an account is not used, put a 0 in the cell. You'll need to tab over to get to cells at far right. I did the first transaction for you. a. The owner invested $10,000 cash in the business. b. The company buys equipment on account for $15,000. c. The company provides services to a customer on account. The sales price is $5,000. d. The company collects $3,000 of the sale from c. above. e. The company purchases merchandise for cash of $3,000. f. The company pays $7,000 of the amount owed from b. above. Assets = Lic Cash A/R Equipment A/P Inventory o a. +10,000 0 0 o b. d. The company collects $3,000 of the sale from c. above. e. The company purchases merchandise for cash of $3,000. f. The company pays $7,000 of the amount owed from b. above. Assets = Lii Cash A/R Inventory Equipment A/P a. +10,000 0 0 0 o b. C. d. e. f. above. f $3,000. from b. above. = Liab. + Reven. cory Equipment A/P + Equity Owner's Capital +10,000 Revenue 0 0
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