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Required information. E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact [LO 2-2, LO 2-3, LO 2-4] Rawlco Communications operates
Required information. E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact [LO 2-2, LO 2-3, LO 2-4] Rawlco Communications operates 10 radio stations. The following events occurred during September a. Placed an order for office supplies costing $2,500. Supplier intends to deliver later in the month. b. Purchased equipment that cost $30,000; paid $18,000 cash and signed a promissory note to pay $12,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $6,000 cash in the company's checking account d. Hired a new finance manager on the last day of the month e. Received an investment of $10,000 cash from the company's owners in exchange for issuing common shares f Supplies [ordered in (a)] were received, along with a bill for $2,500.
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