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16 November, 17:30

A. made cash sales of $49,000 (example).

b. purchased $3,000 of additional supplies on account.

c. borrowed $58,000 on long-term notes.

d. purchased $18,600 in additional equipment, paying in cash.

e. incurred $27,000 in selling expenses, paying two-thirds in cash and owing the rest on account. f. paid $4,700 in rent for this month, and $4,700 for next month.

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  1. 16 November, 17:56
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    a Cash ... DR $49000

    To Sales ... 49000

    (Being Sales made in cash)

    b Supplies ... DR $3000

    To Accounts Payable ... $3000

    (Being Supplies Purchased)

    c Cash ... DR $58000

    To Long Term Notes ... $58000

    (Being Long Term Notes Borrowed)

    d Equipment ... DR $18600

    To Cash ... $18600

    (Being Equipment Purchased in cash)

    e Selling Expense ... DR $27000

    To Cash ... $18000

    To Accounts Payable ... $9000

    (Being Selling Expenses Incurred)

    f Rent Expense ... $4700

    Prepaid Rent ... $4700

    To Cash ... $9400
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