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  1. business
  2. accounting
  3. during year 1, chung corporation earned $8,000 of

During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries...

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Accounting

During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense.
Required:
Based on this information alone: (Hint: Record the events in accounts under an accounting equation before satisfying the requirements.)
Note: Enter any decreases to account balances with a minus sign.a. Prepare the December 31, Year 1, balance sheet.
Answer is not complete.
\table[[CHUNG CORPORATION],[Balance Sheet],[As of December 31, Year 1],[Assets],[Cash,$8,000,],[00,],[Total assets,,$,8,000],[Liabilities],[Salaries payable,$5,000,],[0V,],[Total liabilities,,$,5,000],[Stockholders' Equity],[Retained earnings,3,000,],[0,],[Total stockholders' equity,,3,000],[Total liabilities and stockholders' equity,,$,8,000]]
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