High-tech electronic equipment from international machines, Accounting Basics

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High-tech electronic equipment from international machines

Problem:

Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2013. International Machines manufactured the equipment at a cost of $330,000 and lists a cash selling price of $383,095.

Required:

Appropriate adjusting entries are made quarterly.

Note: Please describe comprehensively and provide step by step solution.

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Accounting Basics: High-tech electronic equipment from international machines

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Accounting Basics: High-tech electronic equipment from international machines

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