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Please provide journal entries(debit/credit) for the below 8 transactions Brodsky Motors Lid. was formed on January to the aed its common stock for $600,000. 2.
Please provide journal entries(debit/credit) for the below 8 transactions
Brodsky Motors Lid. was formed on January to the aed its common stock for $600,000. 2. On January 1, 2023, Brodsky borrowed $150,000 by signing a two-year 4%, note payable. The note is payable in two annual instalments of 79,529 on Dec 31 . Brodsky made the 1st instalment made the following cash payments: c) $20,000 for 2023 rent on a store building cash. 6. The business employs three people. The combined annual payroll is $90,000, of which Brodsky owes $15,000 at year-end. At the end of the year, the company paid income taxes of $30,000. Late in 2023 , Brodsky declared and paid stock dividends of $12,000. 7. For equipment, Brodsky uses the double-diminishing-balance depreciation method, over ten years, with 10,000 residual value. At year end, Brodsky reviewed outstanding accounts receivable and estimated that 10% of its outstanding accounts receivable would be uncollectible Step by Step Solution
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