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Journalize the following December 31 transactions for Galestown Printing Services. No explanations are required. . a. Equipment cost $23.000 and is expected to be useful
Journalize the following December 31 transactions for Galestown Printing Services. No explanations are required. . a. Equipment cost $23.000 and is expected to be useful for 10 years, at which time it will have no residual value. Calculate and record amortization for the current year. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts and Explanation Debit Credit (a) Dec. 31 A transactions b. Each Monday, Galestown pays employees fort Sunday). This year December 31 falls on a Thurs! Date Accounts and (b) Dec 31 a. Equipment cost $23,000 and is expected to be useful for 10 years, at which time it will have no residual value. Calculate and record amortization for the current year b. Each Monday. Galestown pays employees for the previous week's work. The amount of weekly payroll is $4,200 for a seven-day workweek (Monday to Sunday). This year December 31 falls on a Thursday c. The beginning balance of Supplies was $2,800. During the year. Galestown purchased supplies for $3.300, and at December 31, the supplies on hand totalled $1.100 d. Galestown prepaid one year of insurance coverage on April 1 of the current year $5.760. Record insurance expense for the year ended December 31 e. Galestown earned $2.800 of unearned revenue. f. Galestown incurred $100 of interest expense on a note payable that will not be paid until February 28 g. Galestown billed customers $8.000 for printing services performed. Next
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