What journal entries to record the following transacons of Salem Sales Co. during the current...
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What journal entries to record the following transacons of Salem Sales Co. during the current year: Mar 1Purchased a truck for $50,000 with a 5-year useful life and a $10,000 residual value. Salem also paid 7% provincial sales tax, a $500 annual truck license, $3,000 to paint the truck and $1,300 for spare parts. All payments were in cash. (15 marks)
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