General Journal Entry

A physical inventory showed that only $346.00 worth of general office supplies remained on hand as 31. of June 30. This did not include any of the Super RoutePro. There were 5 units of Super RoutePro on hand. We use FIFO to determine the valuation of the supplies The annual interest rate on the mortgage payable was 8.25 percent. Interest expense for one-half 32. month should be computed because the building and land were purchased and the liability incurred on June 16. 33. Record a journal entry to reflect that one half month's insurance has expired. A review of Byte's job worksheets show that there are unbilled revenues in the amount of *$15,250.00 for the period of June 28-30. The Building and the Office Equipment have the following estimated useful lives: Building - 31.5 years 35. Office Equipment - 7.0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's salvage value is $7,500.00. The office equipment has a salvage |value of $400.00. Calculate the depreciation for one month using the straight-line method of depreciation. The Computer Equipment has an estimated useful life of 5.00 years. Management has decided that assets purchased during a month are treated as if purchased on the first 36. day of the month. The computer equipment's scrap value is $20,000.00. Calculate the depreciation |for one month using the double declining method of depreciation