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question recording transactions using the debit credit paradigm miller and co experi 4291381


Recording Transactions Using the Debit/Credit Paradigm.

Miller and Co. experienced the following six events in its first year of operations:

1. Shareholders contributed $60,000 cash.

2. Purchased land for $40,000 cash.

3. Borrowed $18,000 in cash from a bank.

4. Provided services for $16,000 which will be paid to Miller & Co. next year

5. Paid $11,000 cash for miscellaneous operating expenses.

6. Paid a $1,000 cash dividend to shareholders.

Required: Prepare journal entries using the debit/credit paradigm to record the above transactions. Thank you.

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