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1. Think about the transactions listed below.a. A company obtains a $10,000 loan from a bank.b. A company purchases $15,000 of inventory from its suppliers. They paid $5,000 today and will pay the reminder at a later date.c. A company makes a $20,000 sale. The customer will pay in 30 days.For each transaction:i. What accounts would be impacted?ii. Would those accounts increase or decrease?iii. What would you debit and what would you credit if you were doing a journal entry?
Explain the term - Providing a service One way of viewing accounting is as a form of service. Accountants provide economic information to their 'clients', who are numerous user
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Omission to do something which a reasonable man, guided by those ordinary considerations that ordinarily regulate human affairs, would do or doing of something that a reasonable an
Common stock $5 stated value (900,000 shares authorized, 620,000 shares issued)................. $3,100,000 Paid-in capital in excess o stated value-common stock ....1,240,000 Reta
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The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2013 ($ in 000s): sales revenue, $
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