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T Journal Entries: Cash, Prepaid Rent, Sales, Accounts Receivable, Accounts Payable, Cost of Goods Sold, Merchandise Inventory, Paid-In Capital, And Wage Expense

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Prepare the journal entries for each of the six transactions depicted in the following T-accounts, along with a brief explanation as to the nature of the transaction.

Accounts included are cash, prepaid rent, sales, accounts receivable, accounts payable, cost of goods sold, merchandise inventory, paid-in capital, and wage expense.

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Solution Summary

This solution shows the proper journal entries for each of the six transactions depicted in the T-accounts, attached.

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To determine the appropriate journal entries, we would look to see where our debits and credits are and then write the entry based on the T-account entries. For example:
1. Cash 18,300
Paid-in Capital ...

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