Question
1. Office equipment was purchased on December 1, 2004, for $3,000 and has an estimated useful life of five years and no residual value. The
1.
Office equipment was purchased on December 1, 2004, for $3,000 and has an estimated useful life of five years and no residual value. The adjusting entry required at the end of December, 2004 includes a:
Debit to Accumulated Depreciation: Office Equipment for $50. | ||
Credit to Accumulated Depreciation: Office Equipment for $600. | ||
Credit to Office Equipment for $600. | ||
Debit to Depreciation Expense for $50. | ||
none of the above. |
2.
Office equipment was purchased on December 1, 2004, for $3,000 and has an estimated useful life of five years and no residual value. The adjusting entry required at the end of December, 2004 includes a:
Debit to Accumulated Depreciation: Office Equipment for $50. | ||
Credit to Accumulated Depreciation: Office Equipment for $600. | ||
Credit to Office Equipment for $600. | ||
Debit to Depreciation Expense for $50. | ||
none of the above. |
3.
Office equipment was purchased on December 1, 2004, for $3,000 and has an estimated useful life of five years and no residual value. The adjusting entry required at the end of December, 2004 includes a:
Debit to Accumulated Depreciation: Office Equipment for $50. | ||
Credit to Accumulated Depreciation: Office Equipment for $600. | ||
Credit to Office Equipment for $600. | ||
Debit to Depreciation Expense for $50. | ||
none of the above. |
4.
Before any year-end adjustments were made, the net income of Jim Company was $39,400. However, the following adjustments were necessary: services performed for clients but not yet recorded or collected, $1,300; interest accrued on note payable to bank, $300. After recording these adjustments the net income would be:
$37,800 | ||
$38,400 | ||
$40,400 | ||
$41,000 | ||
none of the above. |
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