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If an entry is not required, select "No entry required" on the first line of the table and leave all other cells blank.) (2-10) May 6: Smith invested $ 148 comma 000 in the business, which in turn issued its common stock to her. (3-10) May 9: The business paid cash for land costing $ 59 comma 000.
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1. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected. (2-2) State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected.
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Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Q12.
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