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After operating for several months, artist Paul Marciano completed the following transactions during the latter part of June: June 15: Borrowed $25,000 from the bank, signing a note payable
After operating for several months, artist Paul Marciano completed the following transactions during the latter part of June:
June 15: Borrowed $25,000 from the bank, signing a note payable.
June 22: Painted a portrait for a client on account totaling $9,000.
June 28: Received $5,000 cash on account from clients.
June 29: Received a utility bill of $ 600, which will be paid during July.
June 30: Paid monthly salary of $2,500 to gallery assistant.
Journalize the transactions of Paul Marciano, Artist. Include an explanation with each journal entry.
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