Duncan wants to make sure he conducts business the right way from the get-go. Hence, he is seeking advice on accounting matters. First, he isn't sure about how to journalize things. He believes that if he can get guidance on one of his party appearances, he would be able to go back and record the year's previous events on his own. Here is some information from last night's party (May 7th): Duncan quoted $600 for a three-hour appearance and the client, a friend, accepted. Duncan brought some of his own liquors and flavors, a $30 cost. Duncan used several props in his magic acts. There was reusable equipment with a value of $1,300 (expected to last five years). He also had single-use props which had cost $50. Duncan buys these props in bulk, but tries to use them quickly since older ones are more likely not to work.