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You are working as an accountant for Apple Inc. and need to prepare the ledger accounts for the following transactions: On January 1st, Apple Inc.
You are working as an accountant for Apple Inc. and need to prepare the ledger accounts for the following transactions:
- On January 1st, Apple Inc. started its operations with an initial investment of $500,000 in cash.
- On January 5th, purchased office equipment worth $50,000 on credit.
- On January 10th, received $200,000 in cash from customers for services rendered.
- On January 15th, paid $30,000 in cash for office supplies.
- On January 20th, made a payment of $20,000 towards the equipment purchased on January 5th.
- On January 25th, received an invoice for utilities amounting to $10,000, to be paid next month.
- On January 31st, paid salaries worth $40,000 in cash.
Prepare the general ledger accounts for these transactions.
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