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Strand invested $25,000 in the business in exchange for common stock Strand purchased equipment costing $10,000 by borrowing from the bank Strand sold $100,000 worth
Strand invested $25,000 in the business in exchange for common stock | ||||||||||||
Strand purchased equipment costing $10,000 by borrowing from the bank | ||||||||||||
Strand sold $100,000 worth of consulting services on account | ||||||||||||
Strand paid Wages of $50,000 and Rent of $25,000 | ||||||||||||
Strand purchased $2,000 of supplies on account | ||||||||||||
Strand collected $75,000 from customers sold to on account (#3 above) | ||||||||||||
Strand paid the bank 50% of what they owed them | ||||||||||||
A) account for the following transactions using the Accounting Equation above (use 1 row for each transaction) | ||||||||||||
ASSETS | = | LIABILITIES | + | EQUITY | ||||||||
Transaction# | Accounts | Accounts | Notes | Common | ----Retained Earnings----- | |||||||
Cash | Equipment | Receivable | Supplies | Payable | Payable | Stock | Account | |||||
needs to be charted? |
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