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Bronco Corporation uses accrual accounting to record revenues and expenses, and had the following transactions during 2019:
a. January 1: Paid two years' worth for rent to its landlord in the amount of $24,000.
b. July 1: Purchased machinery for $10,000 cash. This machinery was thought to have a useful life of 5 years with no salvage value.
c. September 1: Sold merchandise to a client for $1,000,000 on account. Bronco's gross profit percentage is 30%.
d. November 1: Received $120,000 from a client for services to be performed evenly through April 30, 2020.
Required:
Problem 1: Prepare journal entries in the proper format for the above transactions
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