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Daniels Company Made the Following Selected Transactions During May

Question 105

Essay

Daniels Company made the following selected transactions during May:
1.
Received cash from sale of stock,$55,000
2.
Paid creditors on account,$7,000
3.
Billed customers for services on account,$2,565
4.
Received cash from customers on account,$8,450
5.
Paid dividends to stockholders,$2,500
6.
Received the utility bill,$160,to be paid next month
​
Note: Each transaction has two entries.
Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock,$55,000 2. Paid creditors on account,$7,000 3. Billed customers for services on account,$2,565 4. Received cash from customers on account,$8,450 5. Paid dividends to stockholders,$2,500 6. Received the utility bill,$160,to be paid next month ​ Note: Each transaction has two entries. Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock,$55,000 2. Paid creditors on account,$7,000 3. Billed customers for services on account,$2,565 4. Received cash from customers on account,$8,450 5. Paid dividends to stockholders,$2,500 6. Received the utility bill,$160,to be paid next month ​ Note: Each transaction has two entries.

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