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Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them?
During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions:
a. The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these.
b. Borrowed $15,800 from the bank and signed a note payable to them
c. Paid $12,000 for equipment
d. Purchased supplies on account for $200