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Question - Journalize the following five transactions for Nexium & Associates, Inc.
Mar. 1 Bills are sent to clients for services provided in February in the amount of $800.
Mar. 9 Corner Office, Inc. delivers office furniture ($1,060) and office supplies ($160) to Nexium leaving an invoice for $1,220.
Mar. 15 Payment is made to Corner Office, Inc. for the furniture and office supplies delivered on March 9.
Mar. 23 A bill for $430 for electricity for the month of March is received and will be paid on its due date in April.
Mar. 31 Salaries of $850 are paid to employees.
May24 Land 105,000
Cash 105,000
Purchased land for business.
Required - What effects does this journal entry have on the accounts?
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