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H Inc. purchased a car on 1 August 2021 for $38,000. Estimated useful life is 6 years and estimated salvage value is $2,000. Prepare journal

H Inc. purchased a car on 1 August 2021 for $38,000. Estimated useful life is 6 years and estimated salvage value is $2,000.

  1. Prepare journal entries on date of transaction
  2. DEBIT CREDIT

    2. Prepare adjusting entries on 31 Dec 2021.

    DEBIT CREDIT

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