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Question - Present a trial balance and valid ledger accounts for the given transactions of John's PLC.
i. John invested $8,000 cash in his new business.
ii. The business paid rent with $300 cash.
iii. Purchased equipment by paying $2,000 cash and executing a note payable for $3,000.
iv. Purchased supplies for $200 cash.
v. The business billed clients for a total of $1,000 for design services rendered.
vi. The business received $750 cash from clients for services rendered above.
vii. The owner's withdrawal of $2,000.
Prepare a statement of cash flows for the year ended December 31, 2011, using the indirect method.
The company"s beginning merchandise inventory was $20,000 and its ending merchandise inventory was $21,000. What was the total amount of the company"s merchandise purchases for the month?
Reflect on the discussions we have had in this class and explain how this course will help you apply theory to practice in your professional career.
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