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At September 1, the Balance Sheet Accounts for Stanley's Restaurant

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Essay

At September 1, the balance sheet accounts for Stanley's Restaurant were as follows:  Accounts Payable $3,800 Land $33,000 Accounts Receivable 9,600 Common Stock ? Buildings 68,000 Notes Payable 48,000 Cash 10,000 Supplies 6,600 Equipment 18,700\begin{array} { l r l r } \text { Accounts Payable } & \$ 3,800 & \text { Land } & \$ 33,000 \\\text { Accounts Receivable } & 9,600 & \text { Common Stock } & ? \\\text { Buildings } & 68,000 & \text { Notes Payable } & 48,000 \\\text { Cash } & 10,000 & \text { Supplies } & 6,600 \\\text { Equipment } & 18,700 & &\end{array}
The following transactions occurred during the next two days:
The company issued additional shares of stock for $22,000 cash in the business. The accounts payable were paid in full. (No payment was made on the notes payable.)
Instructions
Prepare a balance sheet at September 1, 2018.

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Definitions:

Profit Center

A division or segment of a business responsible for generating its own revenue and profit, evaluated independently of other parts of the business.

Outsourced Training

The practice of seeking external providers to design, conduct, or manage training programs for a company.

Service Department

A service department is a division within a company that focuses on providing after-sales services and support to customers.

Cost Centers

Parts of an organization that do not produce direct profit but do incur costs, such as customer service and research departments.

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