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Question - Ronny Reveng Inc. made the following transactions in 2018. For each one, identify the affected account (asset, liability, or equity) and the appropriate change in its value. (2 pts each)
a. Ronny Reveng Inc. took out a $200,000 loan to finance a new entrepreneurship building.
b. Ronny Reveng Inc. paid $50,000 to a purchase a new 3D printer.
c. Ronny Reveng Inc. issued $35,000 in stock.
d. Ronny Reveng Inc. paid off $150,000 of the original loan.
Prepare journal entries to record each of the above sales transactions of a merchandising company. Assume a perpetual inventory system.
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