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Question 5.1: Assume that Kimberly Hills School District began the fiscal ...

Assume that Kimberly Hills School District began the fiscal year XXXX with account balances as follows: cash in bank, $10,000; investments, $20,000; contracts payable, $10,000; and unreserved-fund balance, $20,000. Record the balances in the appropriate accounts. (Note: Throughout this textbook, “T1” refers to the first transaction, “T2” refers to the second transaction and so on.)

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