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What's the correct answers for two wrong ones ? Understanding the Business Transaction Link Williams established an office cleaning business on April 1, 2014. Selected
What's the correct answers for two wrong ones ?
Understanding the Business Transaction Link Williams established an office cleaning business on April 1, 2014. Selected business transactions for April are as follows. Apr. 1 Nite Cleaners issues capital stock of $6,800 for cash on April 1, 2014 to start a new business. Apr. 7 Nite Cleaners purchases supplies from a supplier for $890, agreeing to pay the supplier in the future Apr. 27 Nite Cleaners makes a partial payment of $450 to the supplier owed from Apr. 7 Link Williams determines that the cost of supplies on hand at the end of the month is $280. The difference between the original purchase and end-of-month balance on hand is the amount that was Apr. 30 consumed during the period. These business transactions are similar to Blueprint Exercise 1-1 and are described in more detail there. Feedback Check My Work The rules of debit a credit are designed so that recorded business transactions will maintain the equality of the accounting equation. Thus, debit and credit rules for asset accounts will be opposite of those for liability and stockholders' equity accounts. Revenue and expense accounts will also be opposite of one another. Revenue will be the same as stockholders' equity
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