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Your task is to prepare the journal entries for each transaction and then compile them intoa trial balance. XYZ Corporation has had a busy month.
Your task is to prepare the journal entries for each transaction and then compile them intoa trial balance.
XYZ Corporation has had a busy month. Below are the transactions theyve recorded.
XYZ Corporation started the business with cash of $ and equipmentworth $
Purchased inventory on credit from ABC Suppliers for $
Sold goods to customers for $ in cash.
Paid rent for the office space: $ Received a utility bill for $ to be paid next month.
Paid salaries to employees: $ Collected $ from customers who were previously billed on credit.
Paid ABC Suppliers half of the amount owed from the previous creditpurchase.
An endofmonth count of inventory revealed that $ worth of inventorywas unsold.
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