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Record the following transactions in the T-accounts. 1. Purchase a new house for $400,000 using a down-payment of $80,000 and a mortgage of $320,000. CASH

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Record the following transactions in the T-accounts. 1. Purchase a new house for $400,000 using a down-payment of $80,000 and a mortgage of $320,000. CASH UNPAID ACCOUNTS Increase Decrease Decrease Increase 0 1.$ $ 0 1. $ CONTENTS OF HOME MORTGAGE Decrease Increase 0 1. $ 0 1.5 HOUSE Decrease Increase 0 0 1. $ 1.$ Increase Increase 0 0 Decrease Decrease 0 0 0 NET WORTH

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