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Widget Inc. is just starting operations. Following are the first week’s financial transactions. Set up the...

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Accounting

Widget Inc. is just starting operations. Following are the firstweek’s financial transactions. Set up the ending B/S and the periodI/S for Widget Inc.

  1. Sell $10,000 worth of common stock
  2. Buy 10 widgets for $100
  3. Purchase $1,500 worth of equipment
  4. Sell 5 widgets at $150 each to Smith on credit
  5. Buy $10 widgets on credit from Jones Supply for $100 each
  6. Borrow $500 from National Bank and Trust
  7. Pay wages of $100
  8. Pay federal tax of $20
  9. Pay rent of $50
  10. Pay dividends of $30
  11. End of month

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