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Alice started a consulting business "Alice Consulting" on 1 July 2020. During the first month of operations, she completed six transactions which resulted in the following:
Capital $50,000
Cash 82,000
Unearned Service Revenue 40,000
Accounts Receivable 20,000
Service Revenue 20,000
Supplies 6,000
Withdrawals 5,000
Accounts payable 3,000
Utility payable 300
Utility expense 300
All the accounts have normal balances.
Question 1: Analyse the above and prepare the necessary entries to record the transactions for July 2020. Dates and narrations are not required.
Question 2: Analyse the above and compute the total assets, total liabilities and total equity as at 31 July 2020. Show workings.
Question 3: Analyse the above and compute the total cash received, total cash paid and ending cash balance for July 2020. Show workings.
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