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Multiple Choice Question 142 On January 1, 2021, Leardon Inc. purchased equipment for $25000. The company is depreciating the equipment at the rate of $1000
Multiple Choice Question 142 On January 1, 2021, Leardon Inc. purchased equipment for $25000. The company is depreciating the equipment at the rate of $1000 per month. At January 31, 2022, the balance in Accumulated Depreciation is: $1000 debit. $62000 debit. $12000 credit. $13000 cred it. Multiple Choice Question 194 Nacron Company borrowed $15000 from the bank signing a 6%, 3-month note on October 1, 2021. Princi pal and interest are payable to the bank on January 1, 2022. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on October 31, 2021, would be: debit Interest Expense, $75; credit Interest Payable, $75. debit Cash, $75; credit Interest Payable, $75. debit Note Paya ble, $900; credit Cash, $900. debit Interest Expense, $900; credit Interest Payable, $900. Work 200 Supplies expense Insurance expense 100 Total expenses 3550 $2950 Net income The entry to close the Laundry Service Revenue account includes a: X debit to Income Summary for $6500. debit to Retained Earnings for $6500. debit to Service Revenue for $6500. credit to Service Revenue for $6500. Click if vou would liko to Shou JAor
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