Determine how the accounts would be affected (increase or decrease and debit or credit) for the following

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Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in January 2009 for Networking Solutions, Inc.:

1. The company received $25,000 cash from the owner in exchange for common stock.

2. The company purchased $10,000 of new office computers on account.

3. The company sold $2,500 of inventory for cash.

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Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

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Question Posted: Sep 01, 2014 12:24 PM

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Determine how the accounts would be affected (increase or decrease and debit or credit) for the following

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1 2 3 Account Cash Common stock Equipment Accounts ...View the full answer

Financial Accounting: A Business Process Approach

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