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Question: most create taccounts and journal entries...

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most create T-accounts and Journal Entries

52 BBBB, Inc. Balance Sheet December 31, 2019 Liabilities Assets Current Liabilities $ 18,600 28.000 46,600 Current Assets $ 151,000 8000 159,000 Taxes Payable Note Payable-Land Total Current Liabilities Cash Merchandise Inventory Total Current Assets Long-Term Liabilities 100.000 146,600 Fixed Assets Note Payable-Bank Total Liabilities Land 30,000 Other Assets Security Deposit owners Equity $ 5,.000 Common Stock Retained Earnings Total Owners Equity Total Liabilities and 43409 8400 Owners Equity $195.000 Total Assets $ 195,000 During 2020 the company Purchased 15,000 biffs at $8 each. Paid $100,000 cash and will pay $20,000 next year. Sold 11,000 biffs at $20 each Paid the $28,000 note on the land plus $2,000 interest Paid rent of $12,000 Paid salaries of $36,000 Issued 100 shares of common stock for $10,000 on June 1st On December 31, bought a truck for $40,000, cash. On December 31, paid $50,000 on the note payable to bank and $10,000 interest. Paid 2018 taxes Tax rate is 30% and 2020 taxes will be paid in 2021. THE KEY TOGETTING THROUGH HARDTIMES ISSIMPLE LEFT FOOT, RIGHT FOOT, REPEAT
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