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Dumax Company completed the following transactions during 2021. The company's fiscal year ends on December 31, 2021 Jan. 2 Paid accrued interest in the amount

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Dumax Company completed the following transactions during 2021. The company's fiscal year ends on December 31, 2021 Jan. 2 Paid accrued interest in the amount of $52,000. Apr. 30 Borrowed $550,000 from Commerce Bank; signed a 12-month, 6 percent interest-bearing note. May 20 Sold merchandise for $6.000 cash plus harmonized sales tax at 14 percent, and realized a gross profit of 48 percent of sales. June 3 Purchased merchandise for resale at a cost of $75,800; terms 2/10, /30. July 5 Paid the invoice received on June 3. Aug. 31 Signed a contract to provide security service to a small apartment complex and collected $6,840 of fees for six months in advance, including HST at the rate of 14 percent. (Record the collection in a way that will not require an adjusting entry at year-end.) Dec. 31 Reclassified a long-term debt in the amount of $100,000 to a current liability. 31 Determined that salary and wages earned but not yet paid on Decenber 31 totalled $85,000. Ignore payroll taxes. 31 Recorded income tax expense for the year in the amount of $125,008. The current income taxes payable were 593,000. Required: 1. Prepare journal entries to record each of these transactions, assuming that a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet reld.) View transaction list Journal entry worksheet required" in the first account field.) system is used. View transaction list Journal entry worksheet 1. Prepare journal entries to record each of these transactions, assuming that a perpetual inventory system is used. (If no required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

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