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6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Receive
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Answer #1

Solution:

1 & 2

# Assets = Liabilities + Owner's Equity
Ex. Cash +25,000 +25,000
1 Cash +3,000 Revenues +3,000
2 A/R +7,000 Revenues +7,000
3 Cash -800 Expenses -800
4 Cash +3,800
A/R -3,800
5 Cash -1,500 Drawings -1,500
6 A/P + 220 Expenses -220
7 Cash -220 A/P -220
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