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Perfect Printers Inc completed the following transactions during October 2017 its first month of operations Oct Received $25000 and issued common shares

Perfect Printers Inc. completed the following transactions during October 2017, its first month of operations: Oct. ...1 .....Received $25,000, and issued common shares. .........2..... Purchased $800 of office supplies on account. .........4 .....Paid $20,000 cash for land to use as a building site. .........6 .....Performed service for customers, and received cash of $5,000. .........9 .....Paid $100 on accounts payable. .........17 ....Performed service for Waterloo School Board on account totaling $1,500. .........23 ....Collected $1,000 from Waterloo School Board on account. .........31 ....Paid the following expenses: salary, $1,000; rent, $500. Requirement Record the transactions in the journal of Perfect Printers Inc. Key transactions by date, and include an explanation for each entry, as illustrated in the chapter.

May 22 2020 View more View Less

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