On July 1, 2021, ABC purchased a car for the business purpose and paid $30,000. The car’s useful life time is five years and its salvage value is $12,000. Make a journal entry on July 1. Make a journal entry on December 31, 2021. Make a journal entry on December 31, 2022.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On July 1, 2021, ABC purchased a car for the business purpose and paid $30,000. The car’s useful life time is five years and its salvage value is $12,000.

  1. Make a journal entry on July 1.
  2. Make a journal entry on December 31, 2021.
  3. Make a journal entry on December 31, 2022.
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