Canadian Prairies Investments began by issuing common shares for cash of $100,000. The company immediately purchased computer

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Canadian Prairies Investments began by issuing common shares for cash of $100,000. The company immediately purchased computer equipment on account for $60,000.
1. Set up the following T-accounts for the company: Cash, Computer Equipment, Accounts Payable, Share Capital.
2. Record the transactions directly in the T-accounts without using a journal.
3. Show that total debits equal total credits.
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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

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