It pays 8000 cash now and agrees to pay the remaining

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It pays $8,000 cash now and agrees to pay the remaining $6,000 on account. Equipment Cash July 1 14,000 8,000 6,000 Accounts payable Illustration 2-14 Compound journal entry Steps in the Recording Process GENERAL JOURNAL LO 2
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2-19 DO IT! Kate Browne engaged in the following activities in establishing her salon, Hair It Is: 1. Opened a bank account in the name of Hair It Is and deposited $20,000 of her own money in this account as her initial investment. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,800. 3. Interviewed three persons for the position of hair stylist. Prepare the entries to record the transactions. 2 Recording Business Activities LO 2 2-20 DO IT! 2 Recording Business Activities Prepare the entries to record the transactions. 1. Opened a bank account and deposited $20,000. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,800. 3. Interviewed three persons for the position of hair stylist. Cash 20,000 Owner’s Capital 20,000 Equipment 4,800 Accounts Payable 4,800 No entry LO 2
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