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Use T-accounts to analyze the following transactions for the Red Panda Corporation: a. O

 Use T-accounts to analyze the following transactions for the Red Panda Corporation:

a. Owner invested $550,500 cash and equipment with a value of $5,500 into the business received common shares in return.

b. Purchased office supplies on account, $300.

c. Performed services for a customer on account, $3,500.

d. Purchased a building by paying $100,000 down and signing a note for the remainder of $800,000.

e. Performed services for a customer and immediately collected $4,500 cash.

f. Paid employees salaries of $2,200.

Determine the ending cash balance.  Note this is their first month of operations.

2) Using T-accounts show the resulting balance in each account.

a.Cash34,000

Common Shares34,000

b. Supplies800

Accounts Payable800

c. Building80,000

Cash12,000

Note Payable68,000

d. Accounts Receivable5,500

Service Revenue5,500

e. Salary Expense

Dec 07 2019 View more View Less

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