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1. Please indicate if the general journal entry shown is the correct entry for the described transaction by checking the correct line. a. Depreciation expense
1. Please indicate if the general journal entry shown is the correct entry for the described transaction by checking the correct line. a. Depreciation expense for the month is $3,000. Yes__ No $3,000 Depreciation expense Equipment $3,000 b. Sales for the month were $50,000, $40,000 collected in cash and $10,000 in accounts receivable. Yes_No Cash Accounts receivable Sales $40,000 10,000 $50,000 Yes No c. Purchased supplies for $1,200 in cash. $1,200 Supplies inventory Cash $1,200
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