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Problem 1: Holly Hanover, a licensed CPA had the following transactions during her first month of operations. Prepare the journal entry for each transaction. Make sure you clearly identify which account is being debited (Dr) and which is being credited (Cr).
1. Holly Hanover invested $70,000 cash and equipment valued at $50,000 in the business.
2. Purchased supplies on account for $3,000.
3. Received $10,000 in advance on a tax consulting engagement .
4. Paid office rent of $6,000 for 6 months.
5. Billed clients $15,000 for services rendered.
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