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Unformatted text preview: paying $50,000 cash and equipment is purchased by paying $17,000 cash on August 15 th , 2010 the following journal entry is to be recorded. Being that inventory and equipment are considered assets, these transactions would affect the balance sheet. Date Debit Credit 15-August $50,000 15-August $17,000 15-August $67,000 Manufacturing company XYZ pays wages amounting to $ 25,000 per month to its workers, the following journal entry is to be recorded for the payment of wages for the month of May which is paid on 1st June:. Being that salary is an expense, this would affect the company’s income statement. Date Debit Credit 1-June $25,000 1-June $25,000...
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