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QUESTION 1 Entity G purchased supplies from a vendor on account and recorded the transaction. When Entity G pays for the supplies thirty days later,
QUESTION 1 Entity G purchased supplies from a vendor on account and recorded the transaction. When Entity G pays for the supplies thirty days later, the entry to record the payment will include O a debit to Supplies. O a debit to Cash O a credit to Accounts Payable O a debit to Accounts Payable. QUESTION 2 All of the following are internal users of the financial statements except? O Company officers. O Finance directors. Investors and creditors. O Production supervisors. QUESTION 3 Entity M purchased a new server on January 1, 2023 for $4,500. The company expects the server to last three years and uses straight-line depreciation. The server has no salvage value. The entry to record depreciation expense on December 31, 2023 will include: O a debit to Equipment Expense for $1,500 O a credit to Depreciation Expense - Equipment for $1,500 O a credit to Equipment for $1,500 O a credit to Accumulated Depreciation - Equipment $1,500
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