The balance sheet for Toronto Pets Inc.,as of June 30,2011 is shown below.During July,2011,shareholders contribute $300,000 cash for additional ownership shares.The company pays $550,000 in cash and signs $150,000 in promissory notes to buy some new stores.
Show the journal entries and the effects of these transactions on the basic accounting equation.
Show the balance sheet as of July 31,2008,after these transactions have been made,assuming there was no other activities in July 2011.
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