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STC records the following transactions for the month of January 2019.For each of the following transactions, record the event in

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STC records the following transactions for the month of January 2019. For each of the following transactions, record the event in the Balance Sheet Equation (BSE) template below. All relevant bookkeeping entries are made at the end of each month.

January 2: Purchased land and buildings costing $219,000 with a down payment of $43,300 and took out a loan to finance the remainder.

in advance+Non-Cash Assets=obligations+Contributed Capital+Retained earnings











January 5: Cash buys office equipment (cash register, furniture, etc.) for $12,980.

Cash Asset+Non-Cash Assets=obligations+Contributed Capital+Retained earnings











January 17: Purchases a fire insurance policy and pays an annual premium (cost) of $4,980. In the event of a fire, this insurance will cover up to $460,000 in damage and will take effect from next month.

Cash Asset+Non-Cash Assets=obligations+Contributed Capital+Retained earnings











January 18: Purchased a long-term patent for $99,500 in cash.

Cash Asset+Non-Cash Assets=obligations+Contributed Capital+Retained earnings









Expert Answer:

Answer rating: 100% (QA)

To record these transactions in the Balance Sheet Equation BSE template we need to ensure that the accounting equation Assets Liabilities Equity remai View the full answer


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Related Book For  answer-question
Integrated Accounting

Integrated Accounting

ISBN: 978-1285462721

8th edition

Authors: Dale A. Klooster, Warren Allen, Glenn Owen

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Posted Date: April 17, 2023 01:48:25
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