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Unformatted text preview: Simple Transitions Emily Smith started her practice as a registered dietician on Sep 3 of the current year. During the first month of operation, the business completed the following transaction: Sep 3, Smith transferred $20,000 cash from her personal back account to a business account titled Emily Smith, Register Dietician. The business gave Smith owners equity in the firm Cash 20,000 Capital stock 20,000 Separate the capital stock from the retained earning Sep 4, Purchased supplies, $200 and furniture $1,800 on account Supplies $200 (current asset, use as we go) Furniture $1,800 (long-term, use this acct per and next) Accounts Payable $2,000 (liabilities) Sep 6, Performed services for a hospital and received $4,000 cash Cash $4,000 Service revenues $4,000 Sep 7, Paid $15,000 cash to acquire land for a future office site Land $15,000...
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- Fall '09