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There are two common methods for converting accounts receivable into cash quickly. One method is to pledge AR accou...
Account Name Debit Credit Cash $35,000 Accounts Receivable 5,600 Food Inventory 21,000 62,500 Merchandise Inventory Prepaids 3,400 Computers 30,000 12.000 Accumulated Amortization - Computers Bakery Equipment 90,000 18,000 Accumulated Amortization - Bakery Equipment Furniture and Fixtures 150,000 15,000 Accumulated Amortization - Furniture and Fixtures Accounts Payable Accrued Liabilities Interest Payable Dividend Payable Long-term Loan 220,000 Common Shares Retained Earnings 50,000 22,000 468,500 Food Revenue Internet Revenue 127,000 Merchandise Revenue 103,000 Food Expense 2 40,000 Internet Expense 54,000 Electricity Expense 65,000...