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Question

The cash payments journal for White Cleaners is given in the Working Papers.

Instructions:

Journalize the following transactions completed during the current year. Use page 1 of a cash payments journal. The abbreviation for a check is C.

Transactions:

Jan.  4. Paid cash for office computer, $600.00. C226.
      5. Paid cash for a pressing machine,$4,200.00. C230.
Feb. 24. Paid property taxes on real property with an assessed value of $360,000.00. The tax rate in the city where the property is located is 1.2% of assessed value. C278.
May  12. Paid cash for office desk (office equipment) and display rack (store equipment),$3,800.00. The office desk has an estimated value of $1,000.00, and the display rack has an estimated value of$3,000.00. C354.

Solution

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In this problem, we are tasked to make journal entries on the transactions given. These transactions involve purchase of plan assets and payment for property taxes. The journal entries are to be written in a cash payments journal.

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