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Assignment: Park A: In December 2019, Mike Mills opened a miniature golf course to cater for the summer holiday tourists and completed the transactions below during its first month of operations. For the sake of simplicity, GST is ignored.
Use the following account titles and numbers.
Required: (a) Prepare general journal entries to record the December transactions.
(b) Post the entries from the general journal to running balance general ledger accounts and enter the posting references in the journal.
(c) Prepare a trial balance as at 31 December 2019.
On April 1, 2014, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivab..
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