Transaction 2 The corporation quickly acquired $40,000 in inventory, 40% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.

Options for Account portion:

Cash

Accounts Recievable

Inventory

Prepaid Rent

Fixtures and Equipment

Accounts Payable

Interest Payable

Wages Payable

Notes Payable

Paid-In Capital

Retained Earnings

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