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Accounting Question
I need help with a problem regarding the following data. I need to find Revenue, expenses, total assets, total liabilities, total owner's equity and total net income:
Aug 1 Total $700,000 Aug 3 borrowed $24,000 from bank Aug 7 bought merchandise on account for $38000 Aug 10 paid $14,000 cash for operating expenses Aug 14 received $100,000 in cash sales Aug 17 paid $28000 owed on accounts payable Aug 21 collected $34,000 on accounts receivable Aug 24 repaid $20,000 to the bank plus $400 interest. Aug 29 paid Kenisha Morgan a cash dividend of $10,000 |
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