General Journal Please

3. The equipment is amortized using the straight-line method assuming a three year useful life, residual value of $1,500. The equipment was purchased Sept 1, 2019. 4. The note payable is a small business loan from the Federal Business Development Bank borrowed on August 1, 2019. The note is to be paid back beginning August 1, 2020 and has an interest rate of 5% per annum. Interest is payable Aug 30 and Feb 28. 5. The following invoices were received during January 2015 and related to the 2014 fiscal year. Telephone bill for December $100 Warehouse rent for November 1 to February 28 $400 6. Canadian Employee Health Tax is 0.90% of the total wages expense for 2019. It will be paid by DDSB on January 31, 2020. 7. Included in construction revenue is $6,500 paid as a deposit on a contract. The total contract price will be $15,000. CIS has completed 30% of the job as at December 31. 8. An estimated 3.5% of accounts receivable are estimated to be uncollectible. 9. A count of supplies on hand as of December 31 totaled $4,550. 10. The truck is amortized using the declining-balance method assuming a residual value of $7,000 and an amortization rate of 25%. The equipment was purchased Aug 1, 2019. The following is the trial balance as at December 31, 2019 for DDSB Company. DDSB began operations in Aug 2019 and has chosen a December 31 year-end. Credit Debit 4,500 29,200 1,200 10,000 12,500 65,000 5,500 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Supplies Equipment Accumulated Amortization - Equipment Truck Accumulated Amortization - Truck Accounts Payable Current Portion of Long Term Debt Note Payable K. Philips, Capital Construction Revenue Material Purchases Wages Expense Advertising Expense Automobile Expense Bank Charges Warehouse Rent Telephone 2,200 38,100 57,450 62,500 16,400 22,300 750 2,100 500 500 800 165,750 165,750 Additional information: 1. The payroll for Friday January 1, 2020 is $2,000. Wages are paid each Friday for a five day work week. 2. The insurance premium was prepaid on Aug 1, 2019 and covered the period from Aug 1, 2019 to Jul 31, 2020