Analyze the impact of business transactions on accounts

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Reference no: EM131312023

Learning Objectives : Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books) This problem can be used in conjunction with Problem.

Problem :-
Learning Objectives : Show the impact of business transactions on the accounting equation; analyze the impact of business transactions on accounts) The following amounts summarize the financial position of Taylor Computing, Inc., on October 31, 2014:

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During November 2014, Taylor Computing completed these transactions:

a. The business received cash of $4,000 and issued common stock.

b. Performed services for a customer and received cash of $6,300.

c. Paid $4,100 on accounts payable.

d. Purchased supplies on account, $1,200.

e. Collected cash from a customer on account, $1,700.

f. Consulted on the design of a computer system and billed the customer for services rendered, $4,200.

g. Recorded the following business expenses for the month: (1) paid office rent-$1,600; (2) paid advertising-$1,200.

h. Declared and paid a cash dividend of $2,700.

Reference no: EM131312023

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