Transaction 2
The corporation quickly acquired $40,000 in inventory, 40% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.
Options for Account portion:
Cash
Accounts Recievable
Inventory
Prepaid Rent
Fixtures and Equipment
Accounts Payable
Interest Payable
Wages Payable
Notes Payable
Paid In Capital
Retained Earnings
Leave Blank
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