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07-10-2022
Business

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exercise 2-6 (algo) analyzing effects of a compound entry lo a1 groro company bills a client $50,000 for services provided and agrees to accept the following three items in full payment: (1) $25,000 cash, (2) equipment worth $55,000, and (3) to assume responsibility for a $30,000 note payable related to the equipment. (a) analyze the transaction using the accounting equation. (b) record the transaction in journal entry form. (c) post the entry using t-accounts to represent ledger accounts.

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