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The Fashion Statement Inc distributed perfumes and cosmetics

The Fashion Statement Inc. distributed perfumes and cosmetics. The following account changes were made in the company’s accounting records during March. For each item, describe the transaction that caused the changes. The first item has been completed as an example.

(A) Cash increased $18,000; Contributed Capital increased $18,000. The owners invested $18,000 in the company.

(B)  Equipment increased $12,000; Cash decreased $12,000.

(C) Cash decreased $8,500; Notes Payable decreased $8,500.

(D) Supplies inventory increased $13,500; Cash decreased $13,500.

(E) Merchandise Inventory decreases $10,000;Cost of Goods Sold increased $10,000.

(F) Cash increased $23,500; Sales Revenueincreased $23,500.

(G) Supplies Expense increased $3,000; Suppliesinventory decreased $3,000.

Apr 30 2018 View more View Less

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