The following are transactions for the city of Salem.
a.Incurred salaries of $44,000 to be paid next month.
b.Tax bills totaling $500,000 mailed to city residents.
c.Paid salaries above.
d.Computer equipment received in the amount of $11,000,to be paid in 30 days.
Required:
Analyze the above transactions by using the accounting equation for a proprietary fund.

Question

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The Answer of The following are transactions for the city of Salem.
a.Incurred salaries of $44,000 to be paid next month.
b.Tax bills totaling $500,000 mailed to city residents.
c.Paid salaries above.
d.Computer equipment received in the amount of $11,000,to be paid in 30 days.
Required:
Analyze the above transactions by using the accounting equation for a proprietary fund.

The Following Are Transactions for the City of Salem