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Examine each of the transactions below and indicate if the general joumal entry that follows it is the correct entry to record that transaction
Examine each of the transactions below and indicate if the general joumal entry that follows it is the correct entry to record that transaction using US GAAP standards by checking "Yes" or "No." a. WuLCorporation purchases a machine for $5,000, paying $400 in cash and issuing a note for the remainder. Cash Note Payable Equipment 4,600 5,000 Yes No b. discovers that it has earned by yearsn4 $1,000 currently recorded as Unearned Revenue. Cash Revenue 1,000 1,000 Yes NO c. erfulcalculates its depreciation expense to be $22,000 for the year. Depreciation Expense Accumulated Depreciation 22,000 22,000 Yes d. pays $200,000 in dividends to its shareholders] Dividends Payable Cash 200,000 200,000 Yes No No e. euLborrows $10,000 from a bank on the last day of the year, agreeing to pay $500 in interest at the end of each year for the next three years, and then repay the principal amount of the debt. Interest Expense Bank Note Payable 10,000 1,500 11,500 Yes No f. BefluJhas $3,000 in its Supplies account, and takes an inventory of supplies and finds only $400 remainthe rest haw-been-used. Supplies Expense Supplies 2,600 2,600 Yes No
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