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Problem: Nguyen & Company had the following account balances available:
Required:
a. Using the accounting framework above, record each of the following transactions/events:
March 1
Services previously sold in advance of $300 were performed.
Purchased equipment for $11,360; management expects it will be useful for 4 years at which time it should be worth $800.
Performed $4,000 of consulting services for customers; sent bill.
Borrowed $2,600 on a note payable.
March 12
Paid advertising of $640.
March 18
Purchased supplies of $130 on account.
March 20
Received $600 from customers on account.
March 23
Paid utility bill of $150.
March 30
Paid employee payrollof $1,400.
Supplies on hand reported at $190.
Insurance of $150 expired.
b. Use the resulting accounting framework to prepare an income statement, statement of retained earnings and a balance sheet for the company for the month.
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