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Prepare simple journal entries Prepare joumal entries for the following transactions in December 2022.
1 Borrowed $80 000 cash from the bank with an agreement to pay back the loan in 4 years with interest of 10 per cent per annum. 2 Purchased inventory costing $64 000 with cash. 3 Purchased additional inventory costing $30 000 on credit. 4 Received a $16 000 deposit on a rental property to be rented for the month of January 2023. 5 Sold inventory costing $16 000 to customers for $29 000 on account. 6 Received $11 000 from a customer in question 5. 7 Paid $10 000 owing to a supplier.
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