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Darlene Cook Company was involved in the following transactions during the month of July :
July 1 Acquisition of land for $ 10,000. The company pays cash. July 8 Customer who is billed for $ 243,000. This indicates an increase in income. The customer has been invoiced and will pay at a later date. Assets, receivables, have been recorded. July 12 Costs for repairs to repair ‘38 24,600. Darlene Cook's company agrees to pay within 60 days. This transaction involves an increase in accounts payable and repair costs. transaction is a reduction in accounts receivable. July 15 Received checks for $ 24,500 from previously invoiced customers. This accounts payable. July 20 Paid $ 300 for supplies. This was previously designated as a liability, namely of July. July 24 Paid wages in the amount of $ 400. This is for work carried out during the month.
Requested:
Problem 1: Record transactions using T-account.
Concept of Double entry system and it application - Describe how the double-entry system is applied in accounting for the following transaction
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