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At December 31 the office supplies on hand totalled $500. b. Prepaid rent of one month has been used. (Hint: See the second Dec. 1
At December 31 the office supplies on hand totalled $500. | |
b. | Prepaid rent of one month has been used. (Hint: See the second Dec. 1 transaction.) |
c. | Determine the amortization on the building using straight-line amortization. Assume the useful life of the building is five years and the residual value is$9,000. (Hint: The building was purchased onDecember 1.) |
d. | $430 of unearned revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.) |
e. | The employee who has been working the rental booth has earned $1,050 in salaries that will be paidJanuary 15,2021. |
f. | Nature Gnome has earned$1,890 of canoe rental revenue that has not been recorded or received. |
g. | Determine the amortization on the canoes purchased on November 3 using the straight-line method. Assume the useful life of the canoes isfour years and the residual value is $0. |
h. | Determine the amortization on the canoes purchased on December 2 using the straight-line amortization method. Assume the useful life of the canoes isfour years and the residual value is $0. |
i. | Interest expense of $110 has accrued on the note payable. |
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