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ECONOMICS | Strayer University, Washington
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ECONOMICS | Strayer University, Washington
Assets, Liabilities, and Owner’s Equity
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Use the following information to answer questions 1–3.
Listed below are ledger account titles and account balances, as of
May 1, for the Platt Hardware Store. Prepare a Chart of Accounts
for the store using Exam Figure 1.
Accounts Payable—Bellhaven Bank—$5,000
P. Woodsley, Capital—$5,256.82
Cash—$4,056.82
Prepaid Insurance—$500
Accounts Payable—Taylor Investments—$3,700
Equipment—Store—$4,500
Equipment—Office—$4,400
Supplies—$500
As...
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