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4. January 7, the company acquired service equipment for $16,000. The company paid a 50% down payment and the balance will be paid after 60 days. 5. Also January 7, Nishat Electronic Repair Services purchased service supplies on account amounting to $1,500. 6. January 9, the company received $1,900 for services rendered. 7. January 12, the company rendered services on account, $4,250.00. As the amount is to be collected after 10 days.. 8. January 14, Mr. Nishat invested an additional $3,200.00 into the business. The entry would be similar to what we did in transaction #1. 9. January Rendered services to a big corporation on December 15. As per agreement, the $3,400 amount due will be collected after 30 days. 10. January On December 22, the company collected from the customer in transaction #7. Required: 1. Prepare Journal entries in the books of Mr. Ali. 2. Prepare ledger
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