ACC 2 - Basic Accounting/Adjusting Entries 1. On May 1,...

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Basic Accounting/Adjusting Entries 1. On May 1, Johnson Corporation purchased inventory for $40,000 on credit. On May 15, Johnson sold inventory with a cost of $10,000 for $25,000 on credit. Prepare journal entries to record these transactions. (I think should be 3 entries) 2. On January 1, Tolson Company purchased a building by paying $85,000. The building has an estimated life of 40 years and an estimated residual value of $5,000. Prepare journal entries to record the purchase and the related year-end adjusting entry. (I think 2 Entries) 3. On July 1, Friler Company purchased a three-year insurance policy by paying $5,400. Prepare journal entries to record the purchase and the related year-end adjusting entry. (I think 2 entries) 4. For the current year, Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the beginning of the year, its retained earnings had a balance of $95,000. During the year, Vidalia paid $11,000 dividends to stockholders. Its contributed capital
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ACC 2 - Basic Accounting/Adjusting Entries 1. On May 1,...

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