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14. For the following transactions, write the journal entry (in good form) that ABC would record: a) On January 1, ABC purchased $50 worth of

14. For the following transactions, write the journal entry (in good form) that ABC would record: a) On January 1, ABC purchased $50 worth of supplies with cash. b) ABC paid $4,000 cash for a 1-year rental contract on a storage unit. The storage unit will be used to hold the company's equipment during the upcoming year

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