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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. 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

Tripti 07-Dec-2019

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