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I cant figure out the answers to c & f. (c) Deana's had paid $6,000 for one year's insurance on June1, Liabilities Equity Assets %3D
I cant figure out the answers to c & f.
(c) Deana's had paid $6,000 for one year's insurance on June1, Liabilities Equity Assets %3D Expense (-SE) 2016. Prepaid Insurance (-A) Debit Credit Insurance Expense 6,000 Prepaid Insurance 6,000 The company had acquired equipment costing $40,000 on (d) Liabilities Equity Assets Expense (-SE) Accumulated Depreciation (-A) January 1, 2016. The depreciation on this Equipment was calculated to be $2,000 for 2016. Debit Credit Depreciation Expense Accumulated Depreciation 2,000 2,000 On December 1, 2016, the company had sold $500 in gift (e) Liabilities + Equity Assets certificates for decorating services to a customer. On Unearned Revenue (-L) December 31, 2016, the accountant received an envelope containing $400 worth of redeemed gift certificates, not yet Debit Credit recorded in the company's books. Unearned Revenue 400 Service Revenue 400 On June 30, 2016, the company invested $20,000 in a (f) Liabilities Equity Assets certificate of deposit that will yield 12% interest at the end of Interest Receivable (+A) one year. Debit Credit Interest Recievable Interest Revenue 2 20,000Step by Step Solution
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