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You are conducting the first-time audit of the accounts of Billie Bugs Pty Ltd, a small seafood distribution firm in the eastern suburbs of Melbourne.

You are conducting the first-time audit of the accounts of Billie Bugs Pty Ltd, a small seafood distribution firm in the eastern suburbs of Melbourne. To get the business up and running, one of the owners contributed cash and other private assets to the business, with the following general journal bringing them to initial account in the books:

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