David's Paint Supply experienced the following events during 2012, its first year of operation: 1. Acquired $30,000

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David's Paint Supply experienced the following events during 2012, its first year of operation:

1. Acquired $30,000 cash from the issue of common stock.

2. Purchased inventory for $24,000 cash.

3. Sold inventory costing $13,000 for $22,000 cash.

4. Paid $1,600 for advertising expense.

Required

Record the events in a statements model like the one shownbelow.

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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 01:33 AM

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David's Paint Supply experienced the following events during 2012, its first year of operation: 1. Acquired $30,000

Question:

Assets Equity Rev. - Exp. Net Inc. Cash Flow Cash InvCom. Stk +Ret. Eam

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