Post the July, August, and September Journal Entries on T-ACCOUNTS
Peyton Approved
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General Journal Entries
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Jul-14
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Date
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Accounts
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Debit
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Credit
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1-Jul
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Cash
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15,000.00
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Common Stock
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15,000.00
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Contributed cash for common stock
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1-Jul
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Baking Supplies
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8,500.00
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Accounts payable
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8,500.00
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Purchased baking goods on account
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3-Jul
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Cash
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10,000.00
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Notes Payable
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10,000.00
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To record two-year 6% noted payable issued
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7-Jul
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Prepaid expense
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3,000.00
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cash
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3,000.00
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to prepay rent
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10-Jul
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Business license
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375.00
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cash
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375.00
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purchase of business license
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11-Jul
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Misc Expense
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250.00
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cash
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250.00
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to record purchase of cash register
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13-Jul
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Baking equipement
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5,000.00
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common stock
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5,000.00
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transfer of baking equipement to business
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13-Jul
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advertising expense
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200.00
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cash
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200.00
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to record advertising expense incurred
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14-Jul
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misc Supplies
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300.00
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cash
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300.00
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to record purchase of misc supplies
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15-Jul
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no entry
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Part time help
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30-Jul
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Telephone expense
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45.00
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accounts payable
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45.00
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to record telephone bill due in August
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31-Jul
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Prepaid Insurance
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1,200.00
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cash
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1,200.00
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to record prepaid insurance
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31-Jul
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Salary expense
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120.00
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salary payable
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120.00
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to record salary paid
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31-Jul
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accounts receivable
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5,000.00
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cash
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10,000.00
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Sales
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15,000.00
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Peyton Approved
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General Journal Entries
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Aug-14
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Date
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Accounts
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Debit
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Credit
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5-Aug
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Salary paid
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120.00
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salary payable
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120.00
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8-Aug
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cash
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3,200.00
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accounts receivable
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3,200.00
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10-Aug
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accounts payable
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45.00
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cash
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45.00
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to pay telephone bill
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15-Aug
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supplies (vendor)
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5,000.00
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accounts payable
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5,000.00
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15-Aug
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salary expense
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480.00
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salary payable
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480.00
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15-Aug
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Rent expense
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1,500.00
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cash
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1,500.00
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18-Aug
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cash
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1,000.00
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accounts receivable
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1,000.00
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20-Aug
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accounts payable
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8,500.00
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cash
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8,500.00
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to record purchase of baking supplies
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20-Aug
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salary expense
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480.00
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salary payable
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480.00
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22-Aug
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misc supplies
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300.00
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cash
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300.00
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31-Aug
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telephone expense
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45.00
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accounts payable
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45.00
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31-Aug
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salary expense
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420.00
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salary payable
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420.00
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31-Aug
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cash
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12,500.00
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accounts receivable
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7,500
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sales
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$ 20,000.00
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Peyton Approved
|
General Journal Entries
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Sep-14
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Date
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Accounts
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Debit
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Credit
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1-Sep
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Dividends
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3,000.00
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cash
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3,000.00
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5-Sep
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Salary expense
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420.00
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salary payable
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420.00
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7-Sep
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Merchandise Inventory (10 x $6)
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60.00
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Cash purchased inventory
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60.00
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8-Sep
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Cash
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4,000.00
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accounts Receivable
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4,000.00
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10-Sep
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accounts payable
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45.00
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cash
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45.00
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to pay telephone bill
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11-Sep
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supplies (vendor)
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7,000.00
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accounts payable
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7,000.00
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to record purchase of baking supplies
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13-Sep
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accounts payable
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5,000.00
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cash
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5,000.00
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vendor payment on account
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15-Sep
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Salary expense
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456.00
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salary payable
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456.00
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15-Sep
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rent expense
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1,500.00
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cash
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1,500.00
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15-Sep
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Cash (8 x$8.50)
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68.00
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Merchandise Sales Revenue
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68.00
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to record sale of inventory
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15-Sep
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Cost of Goods Sold (8 x $6)
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48.00
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Merchandise Inventory
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48.00
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recorded the cost of goods sold
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20-Sep
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Salary expense
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456.00
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salary payable
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456.00
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20-Sep
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Merchandise Inventory (20 x $6.10)
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122.00
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cash
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122.00
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24-Sep
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Cash (18 x 8.50)
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153.00
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Merchandise Sales Revenue
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153.00
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Record sale of inventory
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24-Sep
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Cost of Goods Sold (2x $6) + (16 x $6.10)
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109.60
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Merchandise Inventory
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109.60
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Recorded the cst of goods sold
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30-Sep
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Merchandise Inventory (25 x $6.05)
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151.25
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cash
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151.25
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30-Sep
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salary expense
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480.00
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salary payable
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480.00
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30-Sep
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cash
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19,000.00
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accounts receivable
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6,000.00
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sales
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25,000.00
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