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please answer all questions, thank you 18. Which of the following transactions require a compound journal entry? a. b. C. d. An owner invests personal
please answer all questions, thank you
18. Which of the following transactions require a compound journal entry? a. b. C. d. An owner invests personal cash in his/her business Purchase of $ 100 of supplies; some cash and the rest on account Purchase three kinds of supplies for cash Received cash from customers as payment for services none of the above C. 19. Cross-indexing a. b. C. d. e. shows the analysis of each transaction. ties the journal and ledger together. supplies an explanation of each transaction removes complicated explanations from the accounts. cand d 20. A truck was purchased on July 1 for $20,000. The estimated salvage value is $2,000. The estimated useful life is 3 years. Using straight-line method of depreciation, the amount of depreciation in the adjusting entry at fiscal year-end on December 31 is: S555.56 $1,500 a Depreciation Expense-Truck SSS5.56 Accumulated Depreciation-Truck b. Accumulated Depreciation-Truck Depreciation Expense- Truck c. Depreciation Expense- Truck $500 Accumulated Depreciation. Truck d. Depreciation Expense- Truck $3,000 Accumulated Depreciation-Truck $1,500 $500 3,000 be 1 20. A company paid in advance 84,800 for two years of prepaid insurance, which started on May 1. The adjusting entry on fiscal year ending December 31 of that year is: a. Debit Insurance Expense; Credit Prepaid Insurance, $1,200 b. Debit Insurance Expense; Credit Prepaid Insurance, $ 800 c. Debit Prepaid Insurance; Credit Insurance Expense, $1,600 d. Debit Insurance Expense; Credit Prepaid Insurance, $1,600 Step by Step Solution
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