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a. Received $96,000 cash when issuing 9,600 new common shares. b. Purchased land by paying $7,500 cash and signing a note pay
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Answer #1
Cash Supplies
Beg. Bal. $0 Beg. Bal. $0
(a) $96,000 $7,500 (b) (e) $950
$34,000 (d)
$230 (f)
End. Bal. $54,270 End. Bal. $950
Equipment Land
Beg. Bal. $0 Beg. Bal. $0
(d) $34,000 (b) $19,000
End. Bal. $34,000 End. Bal. $19,000
Accounts payable Notes payable (long-term)
Beg. Bal. $0 Beg. Bal. $0
(f) $230 $950 (e) $11,500 (b)
End. Bal. End. Bal. $11,500
Common stock
Beg. Bal. $0
$96,000 (a)
End. Bal. $96,000

*No Entry for transaction c because no transaction & No entry for g because its a personal transaction.

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