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Suarez Towing Service, Inc. earns service revenue by towing vehicles for AAA. Suarez Towing Service's main expenses are the salaries paid to its employees. Account
Suarez Towing Service, Inc. earns service revenue by towing vehicles for AAA. Suarez Towing Service's main expenses are the salaries paid to its employees. Account for the following transactions in the expanded accounting equation: a. Suarez Towing Service, Inc. earned $10,000 of service revenue on account. b. Suarez Towing Service, Inc. paid $8,000 in salaries expense. Select the account categories within the accounting equation needed to record the two transactions for Suarez Towing Service, Inc., and enter the two transactions into the equation. (If a box is not used in the transaction, leave the box empty; do not select a label or enter a zero. Enter decreases with a minus sign or parentheses.) Assets Liabilities Stockholders' equity +Revenues 10,000 Expenses a. b. 8,000
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