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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 $50,000 and equipmentworth $20,000.
Purchased inventory on credit from ABC Suppliers for $15,000.
Sold goods to customers for $25,000 in cash.
Paid rent for the office space: $2,000. Received a utility bill for $500, to be paid next month.
Paid salaries to employees: $3,000. Collected $10,000 from customers who were previously billed on credit.
Paid ABC Suppliers half of the amount owed from the previous creditpurchase.
An end-of-month count of inventory revealed that $2,000 worth of inventorywas unsold.

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