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1. Please write a 4-
6 sentence paragraph on the following question. Describe each of the 4 b
asic financial statements. What is the relationship between them?
2. During the first month of operations (March 2011) Jerry Enterprises c
ompleted the following selected transactions:
a.The business received $12,000 in cash and a building valued at $52,00
0. The corporation issued stock to the contributors of these
b.Borrowed $15,800 from the bank and signed a note payable to them
c.Paid $12,000 for equipment
d.Purchased supplies on account for $200
e.Paid employees’ salaries of $2,100
f.Performed services for customer on account, $2,800
g.Paid $100 of the accounts payable in transaction d above
h.Received a $800 bill for advertising expense that will be paid in the ne
ar future
i.Received cash on account, $1,600
j.Paid rent of $1,200
Required:
Prepare the journal entries for the above transactions
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ACCT 216 Week 3 Homework
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