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Analyze the transaction using the accounting equation

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Reference no: EM132850606

Problem - Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $21,000 cash, (2) equipment worth $82,000, and (3) to assume responsibility for a $33,000 note payable related to the equipment.

Required -

(a) Analyze the transaction using the accounting equation.

(b) Prepare general journal entries for the above transactions.

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

Reference no: EM132850606

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