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Described below are certain transactions of :Ahmad Company for 2020 On June 1, the company purchased .2 equipment for 70,000 from Raney Company, paying 20,000

Described below are certain transactions of :Ahmad Company for 2020 On June 1, the company purchased .2 equipment for 70,000 from Raney Company, paying 20,000 in cash and giving a one-year, 9% note for the balance. (4 marks) Instructions Prepare the journal entry necessary to (a) record the transactions above using appropriate .dates Prepare the adjusting entry necessary at (b) December 31, 2020 in order to properly report interest expense related to the above transaction
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Described below are certain transactions of :Ahmad Company for 2020 On June 1, the company purchased .2 equipment for 70,000 from Raney Company, paying 20,000 in cash and giving a one-year, 9% note for the balance. (4 marks) Instructions Prepare the journal entry necessary to (a) record the transactions above using appropriate .dates Prepare the adjusting entry necessary at (b) December 31, 2020 in order to properly report interest expense related to the above transaction

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