Telecon, Inc., experienced the following transactions during May 2013. Prepare the appropriate journal entries to record these
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Question:
Telecon, Inc., experienced the following transactions during May 2013. Prepare the appropriate journal entries to record these transactions (omit explanations).
May 3 Purchased $160,000 of inventory, paying 50% in cash and the balance on account.
8 Paid monthly rent of $4,000.
11 Purchased equipment for $160,000, paying 40% in cash and signing a note for the balance.
15 Sold inventory costing $15,000 for $25,000 cash.
21 Purchased a 2-year insurance policy for $10,000.
25 Paid $8,000 on account. 28 Collected $5,000 in accounts receivable.
29 Sold an additional 500 shares of capital stock for $20,000.
30 Paid utilities of $3,000.
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