Pell Art Studio. Inc. (PAS) was organized on December 1, Year1, by J. Pell. The...
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Accounting
Pell Art Studio. Inc. (PAS) was organized on December 1, Year1, by J. Pell. The corporation will provide art lessons to customers and sell prints and paintings that the business purchases from local artists. The following transactions occurred during the first month of operations. PAS will prepare financial statements at December 31, Year1. Therefore this accounting period is one month. Record the following transaction in the table below.
1 On December 1, J. Pell contributes $20,000 to the business and receives stock.
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