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Prepare Adjusting Journal Entries for the following monthly transactions that occurred during the month of June 2010: (a) payment of $40,000 in employee salaries; (b)

Prepare Adjusting Journal Entries for the following monthly transactions that occurred during the month of June 2010: (a) payment of $40,000 in employee salaries; (b) $70,000 in cash sales; (c) $30,000 in credit sales; (d) $5,000 depreciation expense on equipment.

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