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please read carefully thete are 5 dates not 3 Coronado Corporation began operations on January 2 . its year end is December 31 , and
please read carefully thete are 5 dates not 3
Coronado Corporation began operations on January 2 . its year end is December 31 , and it adjusts its accounts annually. Selected trancactions for the current year follow: 1. On January 2, purchased supplies for $4.370 cash. A physical count at December 31 revealed that $640 of supplies were still on hand. 2. Purchased a vehicle for $41,000 on April 1, paying $5,300 cash and signing a $35.700 bank loan for the balance- The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interest of 3% payable at maturity. 3. Purchased a $3.540, one-year insurance policy for cash on August 1 . The policycame into effect on that date. 4. Recelved a $1,490 advance cash payment from a client on November 9 for services to be pertormed in the future. As at December 31 . halt of these services had been completed. 5. On December 1 , the company rented additional office space for a six-month period starting on December 1 for $1.150 each month, it paid rent for the months of December and January in advance on this date. Sr no. Date Account Titles and Explanation Debit Credit 1. 2. 3 Step by Step Solution
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