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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

During the first month of operation, Graham Expeditions recorded the following transactions. Describe what has happened in each of the transactions (a) through (k).

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To determine

Describe each of the transactions (a) through (k).

Explanation

Transaction analysis:

Transaction analysis is an economic event that causes impact on the value of the assets, liabilities or stockholder’s equity (increase or decrease) in an accounting equation.

Transaction (a):

Investment of $5,000 is made by the owner in cash.

Transaction (b):

Rent is paid for the current month, $600.

Transaction (c):

Received and made payment to advertising bill, $100.

Transaction (d):

Supplies are bought on account for $720.

Transaction (e):

Received and paid miscellaneous expense for $50...

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