Analyze the impact of business transactions on accounts

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Reference no: EM131312100

Learning Objective : Analyze the impact of business transactions on accounts.

Robinson Investments, Inc., began by issuing common stock for cash of $200,000. The company immediately purchased computer equipment on account for $56,000.

1. Set up the following T-accounts of Robinson Investments, Inc.: Cash, Computer Equipment, Accounts Payable, and Common Stock.

2. Record the first two transactions of the business directly in the T-accounts without using a journal.

3. Show that total debits equal total credits.

Reference no: EM131312100

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