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Compute the following journal entries: Paid 12-months rent in advance on October 1, 2019 of $24,000, debit pre-paid rent. Purchased equipment for $60,000 on August
Compute the following journal entries:
Paid 12-months rent in advance on October 1, 2019 of $24,000, debit pre-paid rent. |
Purchased equipment for $60,000 on August 1, 2019 by giving a 9-month, 6% note for $60,000. |
Paid $2,500 for maintenance and repairs. |
Sold common stock (on January 1), 30,000 shares for $10 per share. The par value is $2 per share. |
Sold preferred stock, 2,000 shares for $25 per share. The par value is $25 per share. |
Paid utilities of $4,800. |
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