Question
D Question 28 2 pts Rover Company operates a retail store and uses accrual accounting On April 1, 2020, the company purchases $50,000 of equipment
D Question 28 2 pts Rover Company operates a retail store and uses accrual accounting On April 1, 2020, the company purchases $50,000 of equipment on account and depreciates the equipment at a rate of $1,000 per month. What will the book value of the equipment be on May 31, 20207 $50,000 $51.000 $48.000 $49,000 Question 29 2 pts Abe's Appliance Repair Shop uses cash accounting and issues monthly financial statements. On April 15, 2020, the company repairs a refrigerator for a customer. The shop bills the customer on May 1, 2020, and receives payment on May 15, 2020. The repair shop will O record revenue on May 15, 2020 Orecord revenue on April 15. O record revenue on May 1, 2020 O record revenue on April 30 in an adjusting entry
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started