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Problem statement: Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit.

a: Investors invest $600,000 in exchange for 30,000 shares of common stock.

b: Company paid rent of $3,000.

c: Company billed $5,000 for services performed.

d: Company purchased supplies of $3,000.

e: Company received $20,000 for services not yet performed.

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  • Category:- Accounting Basics
  • Reference No.:- M938116

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