The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons

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The following transactions occur for Cardinal Music Academy during the month of October:

a. Provide music lessons to students for $17,000 cash.

b. Purchase prepaid insurance to protect musical equipment over the next year for $4,200 cash.

c. Purchase musical equipment for $20,000 cash.

d. Obtain a loan from a bank by signing a note for $30,000.

Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.

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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jul 15, 2014 03:27 AM

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The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons

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a Debit Credit Cash 17000 Service Revenue 17000 Provide ...View the full answer

Financial Accounting

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