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The following transactions are taken from the books of Miller Manufacturing. i (Click the icon to view the transactions.) Requirement Show the effect of each
The following transactions are taken from the books of Miller Manufacturing. i (Click the icon to view the transactions.) Requirement Show the effect of each transaction on assets, liabilities, and equity using the accounting equation. (If a box is not used in the table leave the box empty; do not enter a zero. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: Contr. Cap. Contributed Capital; Acc. OCI Comprehensive Income; Beg. R/E= Beginning Retained Earnings, Rev. = Revenues; Exp. = Expenses; Div. = Dividends.) Accumulated Other Stockholders' Equity = Liabilities + Assets X Ending Retained Earnings Transactions Exp. and = Liabilities + Div Cash Noncash Contr c. Beg. Rev. and . Declared Assets OCI R/E Gains Losses 30000 Bought office equipment with cash, $30,000 Bought supplies on credit from a vendor, $15,000. Sold goods for cash, $40,000 (ignore the inventory and cost of goods sold entry of this transaction). 15000 a. . b. c. d. Bought raw materials from a supplier on account, $22,000. e. Sold goods to customers on account, $65,000 (ignore the inventory and cost of goods sold entry of this transaction) f. Purchased raw materials by issuing a note payable, $14,000. g. Paid cash toward note payable balance, $4,000. h. Received cash from customer to apply to credit account balance, $3,000. i. Paid for accounting and legal fees in cash, $5,000 j. Paid salaries in cash, $12,000. Print Done
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