Use T-Accounts to Analyze the Following Transactions for the Red

question 145

Essay

Use T-accounts to analyze the following transactions for the Red Panda Corporation:
a.Owner invested $550,000 cash and equipment with a value of $5,500 into the business received common shares in return.
b.Purchased office supplies on account,$300.
c.Performed services for a customer on account,$3,500.
d.Purchased a building by paying $100,000 down and signing a note for the remainder of $800,000.
e.Performed services for a customer and immediately collected $4,500 cash.
f.Paid employees salaries of $2,200.
Determine the ending cash balance.Note this is their first month of operations.

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