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5-6. Wellco paid off a bank loan of $17,200 in cash.

5-6. Wellco paid off a bank loan of $17,200 in cash.

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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Use your accounting categories sheet to complete the following. Do "T" accounts for the debit and credit entries for each transaction.
Transcribed Image Text:Use your accounting categories sheet to complete the following. Do "T" accounts for the debit and credit entries for each transaction.
**Text Transcription:** 5-6. Wellco paid off a bank loan of $17,900 in cash. 7-8. Wellco returned 43 barrels to its supplier. The supplier paid $34.50 in cash for each barrel. **Explanation:** This text appears to be from a financial or accounting document discussing transactions by a company named Wellco. Specifically, line 5-6 indicates that Wellco cleared a financial obligation by paying a bank loan in full with a cash amounting to $17,900. Line 7-8 describes a transaction where Wellco returned 43 barrels to a supplier, who compensated Wellco with $34.50 in cash for each barrel returned, highlighting an inventory or supply chain transaction. There are no graphs or diagrams accompanying this text.
Transcribed Image Text:**Text Transcription:** 5-6. Wellco paid off a bank loan of $17,900 in cash. 7-8. Wellco returned 43 barrels to its supplier. The supplier paid $34.50 in cash for each barrel. **Explanation:** This text appears to be from a financial or accounting document discussing transactions by a company named Wellco. Specifically, line 5-6 indicates that Wellco cleared a financial obligation by paying a bank loan in full with a cash amounting to $17,900. Line 7-8 describes a transaction where Wellco returned 43 barrels to a supplier, who compensated Wellco with $34.50 in cash for each barrel returned, highlighting an inventory or supply chain transaction. There are no graphs or diagrams accompanying this text.
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