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Prepare the journal entries to record the following transactions for Sydney Dental Surgery in June 2021. Dates and narrations are required.
1 June: Dennis, the owner, made the following contributions to start the business. $500,000 cash and equipment valued at $150,000.
4 June: Paid $6,000 insurance premium for the next 6 months.
10 June: The business bought Dental Equipment for $30,000. A deposit of $15,000 was paid in cash and the remainder is on credit.
15 June: Received $5,500 cash for services performed.
20 June: Interest received from a bank account was $4,500.
25 June: Cash of $20,000 was received for services to be provided in July.
28 June: Owner paid $8,000 wages to staff from his personal account.
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