Part b. The following transactions occurred for XYZ Ltd during the month of Au...
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Part b. The following transactions occurred for XYZ Ltd during the month of August 2025. You must prepare all journal entries (including adjusting journal entries) for these transactions for the ended 31 August 2025.
i. On 1 August 2025, XYZ Ltd purchased a machine for $240,000 on credit (- and used Accounts payable account). The machine has an estimated useful life of 8 years. Depreciation is calculated on a straight-line basis and no residual value. (3 marks)
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