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Question - Assume that Watson uses the perpetual inventory system.
1. Acquired $28,500 cash from the issue of common stock.
2. Purchased inventory for $22,800 cash.
3. Sold inventory costing $15,400 for $29,000 cash.
Required -
a. Record the events in a horizontal financial statements model.
b. Prepare an income statement for Year 1 (use the multistep format).
c. What is the amount of total assets at the end of the period?
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As the network administrator for a medium-sized health clinic, you wear many hats in your role. The health clinic recently dismissed a nurse that had been with the clinic for over 10 years. Letting this nurse go is quickly becoming more complicate..
Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
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