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Analyze the transaction using the accounting equation

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Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment.

Question (a) Analyze the transaction using the accounting equation.

Question (b) Record the transaction in journal entry form.

Question (c) Post the entry using T-accounts to represent ledger accounts.

Reference no: EM132643265

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