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2 3 The following are transactions of Gino Inc. for the month of January 2023: 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 no Date: Jan Date 1 Borrowed $95,000 from the bank. 3 Issued 20,000 common shares for $220,000. 5 Purchased inventory on account totalling $25,000. 9 Bought computer equipment costing $35,000 for $20,000 cash and the balance on account. 15 Made sales totalling $32,000, of which $19,000 were on account. The cost of the products sold from inventory was $20 19 Made payments on accounts owing to suppliers totalling $11,000. 25 Collected on account from customers totalling $12,000. 28 Employees earned wages of $13,000 during the month, of which $8,000 were paid. 28 Incurred $1,200 of utilities expenses during the month. The bill was received but won't be paid until next month. + January Cash M1359559222 28 28 A/R Assets Inv. Equip. A/P Liabilities Wages Loan Payable Payable S/H Equity Common Shares R/E R/E/DD

2 3 The following are transactions of Gino Inc. for the month of January 2023: 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 no Date: Jan Date 1 Borrowed $95,000 from the bank. 3 Issued 20,000 common shares for $220,000. 5 Purchased inventory on account totalling $25,000. 9 Bought computer equipment costing $35,000 for $20,000 cash and the balance on account. 15 Made sales totalling $32,000, of which $19,000 were on account. The cost of the products sold from inventory was $20 19 Made payments on accounts owing to suppliers totalling $11,000. 25 Collected on account from customers totalling $12,000. 28 Employees earned wages of $13,000 during the month, of which $8,000 were paid. 28 Incurred $1,200 of utilities expenses during the month. The bill was received but won't be paid until next month. + January Cash M1359559222 28 28 A/R Assets Inv. Equip. A/P Liabilities Wages Loan Payable Payable S/H Equity Common Shares R/E R/E/DD

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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WN 2 3 The following are transactions of Gino Inc. for the month of January 2023: 4 95 6 Jan 7 8 9 10 11 12 13 14 15 16 789 17 18 19 20 21 22 23 Date: 24 25 26 27 no Date 1 Borrowed $95,000 from the bank. 3 Issued 20,000 common shares for $220,000. 5 Purchased inventory on account totalling $25,000. 9 Bought computer equipment costing $35,000 for $20,000 cash and the balance on account. 15 Made sales totalling $32,000, of which $19,000 were on account. The cost of the products sold from inventory was $20 19 Made payments on accounts owing to suppliers totalling $11,000. 25 Collected on account from customers totalling $12,000. 28 Employees earned wages of $13,000 during the month, of which $8,000 were paid. 28 Incurred $1,200 of utilities expenses during the month. The bill was received but won't be paid until next month. + January Cash M1359559222 28 28 A/R Assets Inv. Equip. A/P Liabilities Wages Loan Payable Payable S/H Equity Common Shares R/E R/E/DD
Transcribed Image Text:WN 2 3 The following are transactions of Gino Inc. for the month of January 2023: 4 95 6 Jan 7 8 9 10 11 12 13 14 15 16 789 17 18 19 20 21 22 23 Date: 24 25 26 27 no Date 1 Borrowed $95,000 from the bank. 3 Issued 20,000 common shares for $220,000. 5 Purchased inventory on account totalling $25,000. 9 Bought computer equipment costing $35,000 for $20,000 cash and the balance on account. 15 Made sales totalling $32,000, of which $19,000 were on account. The cost of the products sold from inventory was $20 19 Made payments on accounts owing to suppliers totalling $11,000. 25 Collected on account from customers totalling $12,000. 28 Employees earned wages of $13,000 during the month, of which $8,000 were paid. 28 Incurred $1,200 of utilities expenses during the month. The bill was received but won't be paid until next month. + January Cash M1359559222 28 28 A/R Assets Inv. Equip. A/P Liabilities Wages Loan Payable Payable S/H Equity Common Shares R/E R/E/DD
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