East Asia Company was started in 2011 when it issued a note to borrow $6,200 cash. Required

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East Asia Company was started in 2011 when it issued a note to borrow $6,200 cash.

Required

a. Write an accounting equation, and record the effects of the borrowing transaction under the appropriate general ledger account headings.

b. What is the amount of net income reported on the income statement? (Ignore any effects of interest.)

c. Where would the note issue appear on the statement of cash flows?

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Survey of Accounting

ISBN: 978-0073379555

2nd edition

Authors: Edmonds, old, Mcnair, Tsay

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Question Posted: Jan 03, 2012 04:18 AM

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East Asia Company was started in 2011 when it issued a note to borrow $6,200 cash. Required

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a East Asia Company Accounting Equation for 2011 Assets Liabilities S...View the full answer

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