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E2-7 Rowand Enterprises had the following selected transactions. 1. Aaron Rowand invested $4,000 cash in the business in exchange for common stock.

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E2-7 Rowand Enterprises had the following selected transactions.

1. Aaron Rowand invested $4,000 cash in the business in exchange for common stock.

2. Paid office rent of $1,100.

3. Performed consulting services and billed a client $5,200.

4. Paid a $700 cash dividend.

Instructions:

(a) Indicate the effect each transaction has on the basic accounting equation
(Assets = Liabilities +Stockholders’ Equity), using plus and minus signs.

(b) Journalize each transaction.

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