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lara [203]
3 years ago
14

Sally Smith decided to start a sea shell business. Her initial investment in the business consisted of $10,000 in cash. Record t

his transaction in the accounting equation of the new business by:
Business
1 answer:
tensa zangetsu [6.8K]3 years ago
8 0

Based on the transaction that Sally engaged in, recording it will involve:

  • Debiting cash for $10,000.
  • Crediting equity for $10,000.

<h3>Recording Sally's transaction. </h3>
  • The cash transaction is an investment which will be recorded in the Shareholder's Equity account.
  • The investment came in cash so will go to the cash account.

When cash is increased as was the case here, it should be debited. When equity increases as was the case here once more, it is to be credited.

Find out more on shareholder's equity at brainly.com/question/26384373.

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Answer:

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Explanation:

Individuals that belong to the same social class exhibit similar buying patterns, which are different than those exhibited by people belonging to other social classes.

Social class is defined by an individual's economic status and his/her social hierarchy which is based on social esteem, prestige and success. The main factor in determining the social class of an individual is wealth, but not all the people that possess a similar amount of wealth belong to the same social class.

American society is generally divided into 5 social classes: upper, upper-middle, middle, working and lower. Generally the people belonging to the upper social class possess large inherited wealth (old money), while new rich people belong to the upper-middle class even though they might have even more money.

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a tractor at a cost of "$540,000". The tractor has an estimated salvage value of $60,000 and an estimated life of 8 years, or 12
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