Journalize the following transactions:
Feb 21 Purchased machinery for $4,500 on account.
Feb 23 Paid the shipping company $400 to get the machinery delivered.
Aug 1 Paid for the outstanding invoice from February 21.
Dec 31 Recorded depreciation on the machinery assuming the company
uses the units of production method, estimates total production to be
100,000 units, and has produced 12,000 units this year.
Dec 31 Paid $300 for minor repairs on the machine.
Correct Answer:
Verified
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