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Unformatted text preview: P3-5AOn September 1, 2008, the account balances of Rand Equipment Repair, Inc. were as follows.No. DebitsNo. Credits101 Cash$4,880 154 Accumulated Depreciation$1,500112 Accounts Receivable 3,520 201 Accounts Payable 3,400126 Supplies 2,000 209 Unearned Service Revenue 1,400153 Store Equipment 15,000 212 Salaries Payable 500 311 Common Stock15,000320Retained Earnings3,600 $25,400 $25,400During September the following summary transactions were completed.Sept. 8 Paid $1,400 for salaries due employees, of which $900 is for September.10 Received $1,200 cash from customers on account.12 Received $3,400 cash for services performed in September.15 Purchased store equipment on account $3,000.17 Purchased supplies on account $1,200.20 Paid creditors $4,500 on account.22 Paid September rent $500....
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- Spring '11