2 - space with occupancy to begin The Company purchased...

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2. Prepare general journal entries to record the following transaction and related year end adjustment, if necessary, for The Company: Date Transactions 01/01/09 The Company purchased a computer that costs $15,000 for cash. The Computer had no salvage value and a 3 year useful life. The Company uses straight-line depreciation method 03/01/09 The Company borrowed $10,000 from a ban k by signing a one- year note at 12% p.a. 05/01/09 The Company paid $2,400 cash in advance for a one-year office
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Unformatted text preview: space with occupancy to begin 05/01/09 10/01/09 The Company purchased $795 of supplies on account amounting to $40,000 Adjusting entries needed to be made based on the above transactions, as well as thefollowing data: • Salaries that had been earned by the sales staff but had not yet been paid amounted to $2,300.00 • Supplies worth $180.00 were on hand at the 12/31/09...
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