Question
Please answer the followinga.Office supplies on hand,$ 165$165b.Rent of one month has been used. (Hint: See the secondDec.Dec. 1 transaction.)c.Determine the depreciation on the building
Please answer the followinga.Office supplies on hand,$ 165$165b.Rent of one month has been used. (Hint: See the secondDec.Dec. 1 transaction.)c.Determine the depreciation on the building using straight-line depreciation. Assume the useful life of the building isfivefive years and the residual value is$ 5 comma 000$5,000. (Hint: The building was purchased onDecemberDecember 1.)d.$ 400$400 of unearned revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.)e.The employee who has been working the rental booth has earned$ 1 comma 250$1,250 in wages that will be paidJanuaryJanuary 15,20252025.f.Canyon CanoeCanyon Canoe has earned$ 1 comma 850$1,850 of canoe rental revenue that has not been recorded or received.g.Determine the depreciation on the canoes purchased onNovemberNovember 3 using straight-line depreciation. Assume the useful life of the canoes isfourfour years and the residual value is $0.h.Determine the depreciation on the canoes purchased onDecemberDecember 2 using straight-line depreciation. Assume the useful life of the canoes isfourfour years and the residual value is $0.i.Interest expense accrued on the notes payable,$ 50$50.
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