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Using the amounts for accounts provided below, open accounts in an Accounting Equation and perform the transaction analysis with the information provided. Account balances at
Using the amounts for accounts provided below, open accounts in an Accounting Equation and perform the transaction analysis with the information provided. Account balances at the end of June 20x0: Accounts Payable Accounts Receivable Capital Cash at Bank 122,000 79,600 ? 623,000 Computer 72,000 Equipment 385,200 Inventory 1,808,000 Loan (Payable in 5 years) 202,600 Supplies 64,000 Transactions for the financial year 20X0 to 20x1 14-July 16-September 22-October Paid for Research and Development 42,100 by way of electronic transfer. Paid the wages of 190,000. Received 38,000 from customers who previously purchased goods on credit. 22-November Sold office equipment for 95,000 on account. 21-December Paid of part of the loan, 86,400. 19-January The owner withdrew 250,000 as a salary for his personal use. Sold products costing 640,000 for 790,000 on account. Purchased supplies costing 17,500 on credit. 14-February 28-March 29-April 15-June Paid the Account Payable that was owing at the beginning of the Financial Year. Sold products costing 628,000 were sold for 953,200 and received cash
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