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Prepare journal entries of the following transactions: - Shareholders invested $5,000,000 cash, $30,000 office equipment, and $10,000 supplies in exchange for common stocks. - Company

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Prepare journal entries of the following transactions: - Shareholders invested $5,000,000 cash, $30,000 office equipment, and $10,000 supplies in exchange for common stocks. - Company purchased $20,000 of supplies on credit. - Company borrowed cash from a bank on a note payable $1,000,000. - Company purchased $200,000 transportation equipment and paid half in cash, the rest is allowed to be paid in 1 month

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