Business, 06.06.2020 17:57 webtoe

Groro Co. bills a client $56,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $63,000, and (3) to assume responsibility for a $37,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Prepare general journal entries for the above transactions (c) Post the entry using T-accounts to represent ledger accounts

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Groro Co. bills a client $56,000 for services provided and agrees to accept the following three item...

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