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Argosy, Inc. has ten transactions during 2017 as follows:

Inventory purchases on credit for $2,800 (assume perpetual inventory system).

Merchandise sales to customers for $4,000 cash; $3,000 of related inventory cost.

Employees earn wages of $1,000, which are settled / paid during 2017.

Cash receipts from customers in the amount of $2,200 for credit sales made during 2016.

Payments to suppliers of $4,000 for credit purchases made during 2016.

Declaration and payment of cash dividends of $5,000.

Purchase of machinery for $8,000 with short-term notes payable.

Payment for short-term notes payable of $1,000, which includes $750 of interest from 2016.

Credit merchandise sales to customers for $6,000, with $3,900 of related inventory cost.

Payment of utility billings received in early 2017 for services received during 2016 for $1,200.

Required: Record the journal entries for these transactions (ignore dating the JE’s)

Trans #

Account Description

Debit

Credit

B/S Effect

Perm/Temp

1

2

3

4

5

6

7

8

9

10

.

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Irving Heathcote
Irving HeathcoteLv2
28 Sep 2019

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