Question 1:On July 1,2020,Suntera Corp.purchased and purchase machine with a cost of $460,000.Suntera estimated years or 30,000 units of output,with an estimated residualValue of $6,000.During 2020,2600 units were produced.(a) The straight -line method of depreciation,(b) The units-of production method of depreciation.

Question 2:Buy Best Company sells personal computers for $2,300 each.The price includes a two-year warranty.During 2015,the company sells 600 computes.On the basis of past experience,the warranty costs are estimated to be &150 per computer.The actual warranty costs paid by Buy Best during 2015 were $45,000.Prepare general journal entries to record the estimated warranty expense and the warranty payments during 2015.

Question 3:Parker,Smith,and James from a partnership.Parker contributes $60,000 cash and Smith contributes $20,000 in cash.James contributes equipment with a fair value of $25,000.Parepare the journal entry to record the formation of the partnership.

Question 4:On June 18,2020,Woods Co.received from one of its customers.Webb Co.,a 90 day,11%$6,000 note receivable,in exchange for contract services provided,Woods Co. Has a March 31 year end.Webb Co.honoured the note at maturity.Pepare the entries for the issuance and the maturity of the note.

Question 5:Joy Co.uses the allowance method of accounting fa bad debts.Their allowance for doubtful accounts has a year-end credit balance,prior to adjustment of$ 700.The bad debts are estimated at 3% of $600,000,the net credit sales.prepare the year end adjusting journal entry for bad debt expense.