Question
For Journal entries, use the following example format: (Example) Dr. Supplies 100 Cr. Cash 100 6. Received Cash $12,000 for rental space for one year.
For Journal entries, use the following example format: (Example) Dr. Supplies 100
Cr. Cash 100
6. Received Cash $12,000 for rental space for one year.
7. Assume that ACCT 201 Co. purchased equipment for $2,400. The annual depreciation expense for the equipment is $600. Prepare the adjusting journal entry for annual depreciation expense.
8. The cost of Equipment was $2,400. Assume that the beginning balance in accumulated depreciation-Equipment or before this year's adjusting entry was $1,200. The company depreciated Equipment $400 for this year. How much is the book value of the Equipment after the entry?
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Corporate Financial Reporting In A Competitive Economy (RLE Accounting)
Authors: Herman W. Bevis
1st Edition
1138966819, 9781138966819
