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Question - Jo purchased a computer on January 1st, 2020 and paid 12,000 RMB, she plans to use this computer for a total of 5 years, with an expected residual value by the end of the 5 year of 2,000 RMB. Please answer the following:
(1) What is Jo's journal entry on January 1, 2020 when she initially purchased the computer?
(2) If Jo prepares her set of financial statements per year, with December 31 being the closing date each year. What is her period-end adjusting entry relating to the purchase of computer on December 31, 2020, December 31, 2021, and December 31, 2022?
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Ellen purchased a home in 2011 for $60,000. She paid $12,000 and borrowed $48,000. In 2012 she added a room to the house which cost $10,000. In 2013, she paid $625 to have the house painted and $800 for built-in bookshelves. As of January 1 of the cu..
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Billy Co. began business in Year1. Billy, Co. showed the following stockholders equity section at December 31, Year2 (with certain information missing). All accounts have normal balances. How many shares of preferred stock were issued and outstanding..
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