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Mary Smith opened her interior design firm, KM Designs. Transactions made by KM Designs for the month of August are shown below.
1.
The owner invested $8,000 cash in the business.
2
The company purchased $3.200 of office equipment on credit
3.
The company received $2,400 cash in exchange for services performed.
4.
The company paid $320 for utilities in August.
5.
The owner withdrew $800 cash for personal use.
Your answer is partially correct.
Prepare a transaction analysis using T-accounts.
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