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Tony and Suzie graduate from college in May 2012 and begin developin

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Tony and Suzie graduate from college in May 2012 and
begin developing their new business. They begin by
offering clinics for basic outdoor activities such as
mountain biking or kayaking. Upon developing a customer
base, they
Solution
Record each transaction in July. (Omit the \"$\" sign in
your response.)
Date
General Journal
Debit
Credit
July 1
Cash
10,000
Common stock
10,000

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July 1
Cash
10,000
Common stock
10,000
July 1
Prepaid insurance
4,800
Cash
4,800
July 2
Legal fees expense
1,500
Cash
1,500

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Tony and Suzie graduate from college in May 2012 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they Solution Record each transaction in July. (Omit the \"$\" sign in your response.) Date General Journal Debit Credit July 1 Cash 10,000 Common stock 10,000 July 1 Cash 10,000 Common stock 10,000 July 1 Prepaid insurance 4,800 Cash 4,800 July 2 Legal fees expense 1,500 Cash 1,500 July 4 Supplies 1,800 Accounts payable 1,800 July 7 Advertising expense 300 Cash 300 July 8 Equipment 12,000 Cash 12,000 July 15 Cash 2,000 Service revenue 2,000 July 22 Cash 2,300 Service revenue 2,300 July 24 Advertising expense 700 Cash 700 July 30 Cash 4,000 Unearned revenue 4,000 Post each transaction to T-accounts. (Record the transactions in the given order. Omit the \"$\" sign in your response.) Cash July 1 10,000 July 1 4,800 July 1 10,000 July 2 1,500 July 15 2,000 July 7 300 July 22 2,300 July 8 12,000 July 30 4,000 July 24 700 End. bal. 9,000 Prepaid Insurance July 1 4,800 End. bal. 4,800 Supplies July 4 1,800 End. bal. 1,800 Equipment July 8 12,000 End. bal. 12,000 Accounts Payable July 4 1,800 End. bal. 1,800 Unearned Revenue July 30 4,000 End. bal. 4,000 Common Stock July 1 10,000 July 1 10,000 End. bal. 20,000 Service Revenue July 15 2,000 July 22 2,300 End. bal. 4,300 Advertising Expense July 7 300 July 24 700 End. ...
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