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    The Accounting Cycle: Steps

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    Record transactions in General Journal for January 2006 and complete all steps of accounting cycle.
    1 Invested $6000 cash and $2000 of equipment in the business.
    4 Paid salaries $300
    6 purchased $ 1200 equipments on account
    8 Purchased $150 supplies for cash
    10 Performed services for clients for which $1500 was collected in cash and $500 was billed to the client.
    12 Received $300 from a client on her account
    13 paid $700 on equipment purchased on 6th January above.
    16 Paid $300 insurance premium.
    25 Received $1800 for services expected to be completed by March 31st 2006.

    30 Withdrew cash for personal use $250

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    Solution Preview

    A very comprehensive solution is provided to the given problem of selected transactions in 45 power point slides covering all 10 steps of accounting cycle.It will help high school and 1st ...

    Solution Summary

    The expert examines accounting cycle steps.