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week 3 ACCT 212 homework assignment with answers

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3 Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company had the following transactions. 1. Issue 10,000 shares of common stock in exch... ange for $32,000 in cash. 2. Purchase land for $19,000. A note payable is signed for the full amount. 3. Purchase storage container equipment for $8,000 cash. 4. Hire three employees for $2,000 per month. 5. Receive cash of $12,000 in rental fees for the current month. 6. Purchase office supplies for $2,000 on account. 7. Pay employees $6,000 for the first month's salaries. Required: For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders' equity increases. E2–10 Sun Devil Hair Design has the following transactions during the month of February. Feb 2 Pay $700 for radio advertising for February. Feb 7 Purchase beauty supplies of $1,300 on account. Feb 14 Provide beauty services of $2,900 to customers and receive cash. Feb 15 Pay employee salaries for the current month of $900. Feb 25 Provide beauty services of $1,000 to customers on account. Feb 28 Pay utility bill for the current month of $300. Required: Record each transaction. Sun Devil uses the following accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Service Revenue, Advertising Expense, Salaries Expense, and Utilities Expensea [Show More]

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