1.George Corporation had the following transactions during the month of August: Owners started the company...
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Accounting
1.George Corporation had the following transactions during the month of August:
Owners started the company by investing $400 000 in cash.
Purchased $200 000 of equipment by making a $100 000 cash down payment and signed a 90-day note payable for the balance.
Purchased land for $500 000, signing a note payable for the full amount.
Earned $60 000 of services revenue (of which $40 000 was received in cash with the balance on accounts receivable).
What are total assets for George Corporation at the end of August?
Group of answer choices
1.$1 060 000
2.$1 100 000
3.$1 140 000
4.$1 160 000
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