The merchandise sold to customers cost the company $$360,000.$

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Assets$]$

Liabilities

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The company collected $$272,537$ in cash from customers on accounts receivable.

Describe the effects of this transaction on the accounting equation in terms of debits and credits

Assets$]$

Liabilities

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The company purchased $$51,763$ of supplies with cash.

Describe the effects of this transaction on the accounting equation in terms of debits and credits

Assets

$=,$ Liabilities

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The company took out a note payable for $$17,000.$

Describe the effects of this transaction on the accounting equation in terms of debits and credits

Assets$]$

Liabilities

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