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offman, Incorporated adjusts its books each month but closes its books at the end of the year. The companys unadjusted trial balance at March 31
offman, Incorporated adjusts its books each month but closes its books at the end of the year. The companys unadjusted trial balance at March 31 is as follows:
Debit | Credit | |
---|---|---|
Cash | $ 10,920 | |
Accounts Receivable | 9,620 | |
Supplies | 1,300 | |
Prepaid Insurance | 3,120 | |
Equipment | 26,000 | |
Accumulated Depreciation: Equipment | $ 10,400 | |
Unearned Service Revenue | 6,500 | |
Capital Stock | 5,200 | |
Retained Earnings | 23,400 | |
Dividends | 1,560 | |
Service Revenue Earned | 16,510 | |
Salaries Expense | 7,800 | |
Utilities Expense | 390 | |
Rent Expense | 1,300 | |
Totals | $ 62,010 | $ 62,010 |
The equipment had an estimated useful life of five years. Compute the book value of the equipment at March 31, after the proper March adjustment is recorded.
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