MITS MIGH W33 Across 4. Set of accounting standards that have authoritative support 8. Land lease, building mortgage ✓9. Examples: Salaries, cost of goods, shipping costs, utilities 10. The basic form of an account ✓11. Ability to pay obligations expected to become due ***** Down 1. Increase in assets or decrease in liabilities 3. The left side of an account ✓5. Examples: Cash, property, plant, and equipment ✓6. Goods available for future sales or use in service for customers 7. The right side of an account

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Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.

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