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Zen began a new consulting firm on January 5 . The accounting equation showed the following balances after each of the company's first five transactions.
Zen began a new consulting firm on January 5 . The accounting equation showed the following balances after each of the company's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its most likely description. The company purchased office supplies for $3,000 by paying $2,000 cash and putting $1,000 on credit. The company received $40,000 cash from a bank loan. The company sold office supplies for $3,000 and received $2,000 cash and $1,000 on credit. The owner invested $1,000 cash in the business. The owner invested $40,000 cash in the business
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