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Hercules Company purchased a computer system for exist30,000 on December 1. It is estimated that annual depreciation on the system will be exist6,000. If financial

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Hercules Company purchased a computer system for exist30,000 on December 1. It is estimated that annual depreciation on the system will be exist6,000. If financial statements are to be prepared on December 31, the Company should make the following adjusting entry: A. Debit Depreciation Expense, exist500: Credit Accumulated Depreciation, exist500. B. Debit Depreciation Expense, exist1,000: Credit Accumulated Depreciation, exist1,000. C. Debit Depreciation Expense, exist3, 840: Credit Accumulated Depreciation, exist3, 840. D. Debit Office Equipment, exist4, 800: Credit Accumulated Depreciation, exist4, 800. REM Real Estate received a check for exist24,000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full exist24,000. Financial statements will be prepared on July 31. REM Real Estate should make the following adjusting entry on July 31: A. Debit Unearned Rent Revenue, exist4,000, Credit Rental Revenue, exist4,000. B. Debit Rental Revenue, exist4,000: Credit Unearned Rent Revenue, exist4,000. C. Debit Unearned Rent Revenue, exist24,000: Credit Rental Revenue, exist24,000. D. Debit Cash, exist24,000: Credit Rental Revenue, exist24,000

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