Answer to Question #321207 in Accounting for Ismayri Reyes

Question

Record the following transactions using the accounting equation and T accounts.

1.     Paid utilities expense of $2,000.

2.     Reduced note payable with an $8,000 cash payment (ignore interest costs).

3.     Incurred expense of $3,000, to be paid in the future (accounts payable).

4.     Collected $4,000 on an outstanding account receivable.

Answer 1

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