Enter the following transactions on Page 2 of the two-column journal: 16. Recorded jobs completed on account and sent invoices to customers, 22,300. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Received 750, with the remainder due August 4, 2019. 31. Expenses None of the paper was used by year-end. Stock ACCOUNTS RECEIVABLE 1.500 Any additional hours beyond SO will be billed to KXMD at 40 per hour. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Owner invested 0. 1003. i. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. f. How much did Marchs transactions increase or decrease Amy Austins capital? Paid annual premiums on property and casualty insurance, 2,400. 25,000 If you want the answer, Q:Architects completed the following transactions: Withdrew cash for personal use, 2,000. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 27.Paid electric bill, 915. 60,000 Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. 1. 15,000 b. Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid installment due on note payable, 300. o. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. C. Provided services in the amount of $1,000. During June, Ming Chen (the owner) completed these transactions. 4, 1,500 Paid 5,000 on note payable. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. 0.33 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 25.000 b. h. Purchased land as a future building site, paying cash of $120,000. 1, A:Salary is the expense of a business. minus sign.) 1,500 Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 8.000 g. The company paid an assistant $3,000 cash as wages for the month. %24 Can you think of any reason why the amount determined in (4) might not be the net income for November? During June, Ming Chen (the owner) completed these transactions: a. 17. b. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Assets Paid utilities expense, 4,500. Determine account balances of the T accounts. %3D 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. LIABILITY 61,000 3. 8.Paid for a newspaper advertisement, 200. $30000. Hello. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Basic Accounting Systems: Cash Basis. To ensure my potential must visit my profile to check my ratings and uploaded samples. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. a. The company paid $1,500 cash for rent of office space for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Enter the following transactions on Page 2 of the two-column journal: 29. c. Received cash from fees earned. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 31. Purchased office equipment on account, 15,000. Q:Duerr Engineering completed the following transactions in the month of June. h. Purchased land as a future building site, paying cash of $120,000. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 4. a. Withdrew cash for personal use, 3,900. 0. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Determine the amount of Joel Palks capital as of July 1 of the current year. Purchased office equipment on account from Office Mart, 7,500. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 30. A:Net income is calculated after analysing the revenue and expenses of the organisation. 3. + During June, Ming Chen (the owner) completed these transactions: a. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. %24 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Bal. 2. (c) Purchased office equipment. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Assets 8,000 Graw I have all relevant skills and expertise related to your project. Find answers to questions asked by students like you. During June, Insurance expired during May is 275. b. 4. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (e) Paid phone bill, 65. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. During June, Ming Chen (the owner) completed these transactions. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. b. a. d. Paid rent on office and equipnwnt for the month, $5,000. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Borrowed $100,000 by issuing a note payable. Instructions 1. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. 2. Accounting Equation - Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 24 4. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. March transactions are as follows : d. First week only $4.99! Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for . During June, Ming Chen (the owner) completed these transactions. $4 10,000 Received cash from customers on account, 9,000. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Six months rent was paid in advance, $4,500. Write Balance in the Item column and place a check mark () in the Posting Reference column. 5. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. C. operations,, A:Journal entry means the entry in prime book with chronological order. Paid part-time receptionist for two weeks salary, 750. 2. Equipment H. Paid the worker hired in D for one weeks work. February 20, 2023. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Determine the net income or net loss for October. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. *Response times may vary by subject and question complexity. a. %24 h. Purchased land as a future building site, paying cash of $120,000. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. If an entry is not required for any of these transactions, state this and explain why. 3. Prepare an unadjusted trial balance. d. The company completed work for a client and immediately collected the $2,500 cash earned. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: d. Paid rent on office and equipnwnt for the month, $5,000. In July of this year, M. Wallace established a business called Wallace Realty. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 501. e. Bought insurance for the truck for one year, 400, Ck. 18. Required Record the transactions and the balance after each transaction. During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. ok ht inces a. i. I am highly qualified expert, working from 2008-9 in this industry. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Home., A:Since you have asked multiple questions under a single question. 1,500 The prepaid rent at the beginning of the year was used in 2019. 1 of 1 Q:Connie Young, an architect, opened an office on October 1, 2019. A. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Next b. You can message me to discuss the details. . Budgeting issues at the movies: Analyze each transaction, Journalize as appropriate. 505. m. Paid the salary of the assistant, 1,150, Ck. The company paid $1,500 cash for rent of office space for the month. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 7. 18.Purchased supplies on account, 850. If you still cannot find the error, re-analyze each transaction. ASSETS 31.Received 3,000 for serving as a disc jockey for a party. Withdrew cash for personal use, 7,500. G. Received the electricity bill. Determine the net income or net loss for January. a. Purchased supplies for cash, 1,750. Bal. 8.000 (Do not insert the account numbers in the journal at this time.) Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for the month. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. d. The company completed work for a client and immediately collected the $2,500 cash earned. 6. 10,000 Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. . With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. (Income Summary is account 34 in the chart of accounts.) 2. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 27. 1. Withdrew cash for personal use, 2,500. minus sign.) M Question 8 - Chapter 1 Exercises Connect completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set 22. Hal Smith opened Smith's Repairs on March 1 of the current year. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. (Enter decreases to account balances with a 75,000 Saved Received an invoice for truck expenses, to be paid in November, 1,250. The policy covers a one-year period. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. A Wages of $379,000 were paid in cash. 9. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. a. i. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Received 1,000 cash from customers on account. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation:  c. Is it a variable or a fixed cost? Enter the impact of each transaction on individual items of the accounting equation. Bal. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 4. S NO 23. 31. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? During the month, she completed the following transactions connected with her professional practice: a. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. No. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Receivable No. Paid 620 to Upload Music for use of its current music demos in making various music sets. d. The company completed work for a client and immediately collected the $2,500 cash earned. During the month, Jones, A:T accounts: Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. After, A:Net income: Record the following transactions on Page 6 of the journal: 20. Received 500, with the remainder due on August 9, 2019. f. Paid office salaries, $6,500. During June. Accounts Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. If the two totals are not equal, check the addition and subtraction. Repairs and maintenance of $9,000 were incurred and paid. During the first month of operations of his, A:Solution: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. 23.Served as disc jockey for a party for 2,500. 28. Inflation is 3.8% per year. During June, Ming Chen (the owner) completed these transactions. Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid 300 on note payable. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. No. 21. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Received cash from clients on account, 2,450. 2020 - 2024 www.quesba.com | All rights reserved. CASH h. Borrowed $100,000 by issuing a note payable. a. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. 31. Brooke completed the following transactions during the month of August: a. Paid truck expenses, 435, Ck. Is this a direct or an indirect cost? A:Introduction: g. Paid interest on the note payable, $500. 8,000 Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The following account balances are available: Required: 1. Mc. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. . *Response times may vary by subject and question complexity. 61,000 Common Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Save & Exit 10 000 The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Purchased supplies on account, 850. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 29. 3. 29.Paid miscellaneous expenses, 540. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. 2,500 During June, Ming Chen (the owner) completed these transactions: a. %D Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. Revenue Paid telephone bill for May, 260. Received and paid the heating bill, 248, Ck. Paid the office rent for the current month, 650, Ck. c. Amount of net income for August. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. b. 7,500 %3D 3. Paid cash for miscellaneous expenses, 375. j. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 1000. c. Bought office supplies for cash, 375, Ck. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. 3. Explanations may be omitted. $15,000 Q:Ken Jones, an architect, opened an office on April 1, 2019. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. At the end of May, the following adjustment data were assembled. Paid dividends, $3,000. Required: The company paid $1,000 cash in dividends to the owner (sole shareholder). What will be the value of interest payment at the end of fourth year in real dollars? During the month, he completed the following transactions connected with his professional practice: a. b. 30. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. b. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Purchased supplies on account, 735. (Optional) Prepare a statement of cash flows for July. No. a. 30. b. Bal. 7,500 (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 25,000 The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. 2. Liabilities Withdrew l,250 cash from PS Music for personal use. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Paid dividends, 10,500. 1,500 Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. During the month, she completed the following transactions connected with her professional practice: a. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Journalize and post the adjusting entries. During the month, Lexi completed the following transactions related to the business: Nov. 1. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an unadjusted trial balance as of January 31, 2019. Amount of total expenses recorded in the ledger. Analyze and use these data to complete parts (5) and (6). Stock i. Post your journal entries to T-accounts, Add additional T-accounts when needed. The American Chamber of Commerce in South China. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. stock. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. A:a)Indicate the effect of the given transactions. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Apr. $30000. The company paid $1,500 cash for rent of office space for the month. Owner invested $60,000 cash in the company along with equipment. Paid cash to creditors on account, 3,000. j. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 4. 28. Determine the net income for June. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: %3D As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . The following transactions occurred during January of the current year. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Thanks :--). Prepare T accounts, using the account titles in (1). There is no prepaid rent or rent payable at year-end. Paid cash for miscellaneous expenses, 375. j. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each.
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