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Entity A is a listed company that owns and operates a number of Japanese restaurants in Hong Kong. To prepare for the company development, Entity A planned to acquire additional assets for its own use in the year 2020.Some of the restaurants are operated under a franchise agreement from another company, Entity B.
Several payments were incurred during the year 2020:
REQUIRED:
Problem 1: According to relevant accounting standards, prepare journal entries to record the transactions of Entity A on 1 May 2020, 30 June 2020, 15 October 2020, 15 November 2020, 1 December 2020 and 31 December 2020 respectively.
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