Journalize and post basic transactions
Precision Grading Co. was organized to grade construction sites.
* On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance.
* On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts.
Definitions:
Value in Product
The perceived benefit or usefulness of a product to the consumer, which includes quality, features, and overall satisfaction.
Price Point
The standard price or price range of a product as determined by its perceived market value and competitive conditions.
Units Sold
The quantity of products or services sold within a specific period.
Price Increases
The act of raising the cost of products or services, often in response to increased production costs or to leverage market demand.
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