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Recording prepaid items and identifying their effect on financial statements Cherokee Company began operations when it issued common stock for $80,000 cash. It paid $60,000
Recording prepaid items and identifying their effect on financial statements Cherokee Company began operations when it issued common stock for $80,000 cash. It paid $60,000 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, 2016, which was effective immediately. Cherokee received $98,000 of cash revenue in 2016
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