Ho Designs experienced the following events during Year 1, its first year of operation: ...
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Accounting
Ho Designs experienced the following events during Year 1, its first year of operation:
Started the business when it acquired $55,000 cash from the issue of common stock.
Paid $21,600 cash to purchase inventory.
Sold inventory costing $12,400 for $28,100 cash.
Physically counted inventory; had inventory of $7,100 on hand at the end of the accounting period.
Requireda. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet.
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Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $55,000 cash from the issue of common stock. 2. Paid $21,600 cash to purchase inventory. 3. Sold inventory costing $12,400 for $28,100 cash. 4. Physically counted inventory; had inventory of $7,100 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the tabs below. Record the events in the T-accounts provided
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