34. If a company holds a large number of notes receivable it sometimes sets up a controlling account and a subsidiary ledger for notes. O True O False Time remaining: 12922 36. . Assuming Peavey Enterprises purchased a depreciable ostet for $22.000 on April 1 Year 1. The asset will be depreciated using the straight line method over its four year useful the aster's salvage value is $2.000, what will be the amount of accumulated deprecianon on this asset on December Years O O O $15.000 $20.000 $15.125 513.750 $5.000 Time remaining: 128.56 38. Gaston owns equipment that cost $90.500 with accumulated depreciation of so1000. Goston asks 30.000 for the equipment but following would not be part of the journal entry to record the disposal of the equipment? the equipment for $20.000. Which of the the equipment O Debit Cash $26.000 O Credit Equipment $90.500 O Debit Loss on Disposal of Equipment $3.500 O Debit Accumulated Depreciation $61000 Credit Gain on Disposal of Equipment Uniform Supply accepted a $4,800, 90-day 10% note from Tracy Janitorial on October 17 What entry should Uniform Supply make on January 15 of the next year when the note is pold? Debit Cash $4.920 credit Interest Revenue $120 credit Notes Receivable $4.800 Debit Cash $4.920 credit Notes Receivable $4.920 Debit Cash $4.920, credit interest Revenue $20 credit Interest Receivable 5100 credit Notes Receivable $4.800 O Debit Notes Receivable $4,800, debit Interest Receivable $120. Credit Sales $4.920 O Debit Cash $4.920. credit Interest Revenue $100 Credit Interest Receivable $20 credit Notes Receivable $4.800