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Prepare the accounts to be debited and credited

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Problem 1: Prepare the accounts to be debited and credited for the following transactions.

Jan 1, 2020 Owner contributed cash and machinery to the business.

Jan 3, 2020 The business obtained a loan from Rubia Bank.

Jan 4, 2020 Purchase of inventory on account from Jiffa Trading.

Jan 8, 2020 Sale of goods on account to ABC.

Jan 19, 2020 Jan 21, 2020 Payment as full settlement of accounts payable to Jiffa Trading. Collected all of the accounts receivable from ABC.

Reference no: EM132754194

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