Question 2: Proficient: Prepare the journal entry required for each of the following transactions. Be sure to identify which part of the entry is the debit and which is the credit. Provide five correct responses: Cash was received for services performed for customers, $1,200. Services were performed for customers on account, $4,200. Purchased machinery for cash, $30,000. Capital stock was issued for $100,000. Salaries for a period were paid to employees, $24,000. Purchased a truck using a note payable, $35,000.
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