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E02-07

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Exercise 2–7 Account(s) Account(s) Debited Credited Example: Purchased inventory for cash 3 5 1. Paid a cash dividend. 10 5 2. Paid rent for the next three months. 8 5 3. Sold goods to customers on account. 4,16 9,3 4. Purchased inventory on account. 3 1 5. Purchased supplies for cash. 6 5 6. Paid employee salaries and wages for September. 15 5 7. Issued common stock in exchange for cash.
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