1.Beaver Construction purchases new equipment for $32,400 cash on April 1, 2018. At the time of purchase, the equipment is expected to be used in operations for six years (72 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 72 months ($450/month).

Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation at the beginning of 2018 is $0).

2.Fighting Irish Incorporated pays its employees $3,780 every two weeks ($270/day). The current two-week pay period ends on December 28, 2018, and employees are paid $3,780. The next two-week pay period ends on January 11, 2019, and employees are paid $3,780.Record the adjusting entry on December 31,2018.

Record the payment of salaries on January 11,2019

Calculate the 2018 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2018 is $0).

3.Midshipmen Company borrows $11,500 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2019.

Record the adjusting entry for Midshipmen on December 31,2018

4.Midshipmen Company borrows $17,500 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2019.

Record the lending for Falcon on July 1.2018

Calculate the 2018 year-end adjusted balances of Interest Receivable and Interest Revenue for Falcon Company (assuming the balance of Interest Receivable at the beginning of the year is $0).

5.The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $214,000; Service Revenue, $820,000; Salaries Expense, $374,000; Rent Expense, $134,000; Interest Expense, $69,000; and Dividends, $44,000.

Record the entry to close revenue account.

Record the entry to close expenses accounts

Record the entry to close dividend account.