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Create the journal entries for the following situations and post them to t-accounts: 1....

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Accounting

Create the journal entries for the following situations and post them to t-accounts:

1. ABC Company purchased $500 of raw materials on account

2. Company Y purchased a new office equipment for $3,000 on January 1. The company uses straight line depreciation and the machine as a 3-year useful life and no salvage value. It needs to record the transaction at January 1 and the depreciation at December

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