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Prepare journal entries for transaction for evan auto parts

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Reference no: EM132493330

Evan's Auto Parts (EAP) was established to distribute auto parts to retailers and auto shops. The company began business on November 1, 2017. The following transactions took place during the year ended December 31, 2018:

  • January 2 Evan hired two of his friends, Eric and Josh, to work for him and to help get started. He will pay his two employees $4,500 each on the first day of each quarter for the work performed in the prior quarter. The first payment will be made on April 1, 2018 for the work performed from January - March 2018.

Question 1: Prepare the journal entries for each transaction shown. For transactions such as depreciation, amortization of prepaid expenses, etc, they can be done once at the end of the year instead of monthly (it is up to your preference)

Reference no: EM132493330

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