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Question 1: Journalize the transactions and Provide explanations. HST wont be called a transaction Can you make a balance sheet or something?
Point 1: Sep. 2 I invested $20 000 cash in the business.
Point 2: 2 Exercise equipment costing $5000 was purchased from Buy-Cep Wholesalers Ltd.
Point 3: A cash payment of $2000 was made and the balance owing was to be paid in 30 days.
Point 4: 8 Fees earned amounted to $600 cash.
Point 5: 9 Bought office supplies ($360) from Office Outfitters on account (terms net 30 days).
Point 6: 25 Paid the monthly utility bill for $175.
Point 7: 30 I used the business's bank account to pay the rent on his apartment for $1400
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Assume all cash expenses are paid when incurred. - The budgeted Selling, General, and Administrative cash outflows for the upcoming quarter are $?
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