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Provide journal entries to describe the following transactions. a) On October 20th, Chainsaw Carins Electronics,...

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Accounting

Provide journal entries to describe the following transactions.

a) On October 20th, Chainsaw Carins Electronics, Inc. sells merchandise for $9,500 on account. The acquisition cost of this merchandise was $5,000.

b) Chainsaw Carins Electronics, Inc issues 5,000 shares of $2-par value common stock for $50,000 cash.

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