After operating for several months, artist Paul Marciano completed the following transactions during the latter part of
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June 15 Borrowed $25,000 from the bank, signing a note payable.
22 Painted a portrait for a client on account totalling $9,000.
28 Received $5,000 cash on account from clients.
29 Received a utility bill of $600, which will be paid during July.
30 Paid monthly salary of $2,500 to gallery assistant.
Journalize the transactions of Paul Marciano, Artist. Include an explanation with each journal entry.
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Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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