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Question: Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected.
(1) Issued ordinary shares in exchange for $15,000 cash on June 1.
(2) Purchased equipment for $3,500 paying $3,000 in cash and the remainder due in 30 days.
(3) Purchased supplies for $2,100 cash.
(4) Purchase advertising from News for $500 on account.
(5) Cash receipts from customers for services amounted to $2,600.
(6) Paid salaries of $800 to student workers.
(7) Paid $400 to College News for advertising that was previously billed in Transaction 4. (8) Paid dividends of $900.
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Almerinda Company estimates that total factory overhead costs will be $1,750,000 for the year. Direct labor hours are estimated to be 500,000. Determine the balance on the job cost sheets for Jobs 50 and 51 at the end of April.
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