Question 29 (5 points) The following information was available for Rachel Supply Company for the month ended May 31, 2020 (a) On May 31, 2020 the Cash account of Rachel Supply Company had a balance of $25,850 (b) On May 31, 2020 the bank statement indicated a balance of $44.580 The bank reported the collection of a note receivable for Rachel of 54300 including 5500 interest (not recorded in cash account) Kd) it was observed that the bank statement did not include a deposit of $2,700 made by Rachel on May 31 and that cheques totalling 515,830 issued by Rachel had not cleared the bank. (e) Rachel recorded an insurance expense payment of $150 a $1.500 19 Service charges of 50 were charged for cheque printing The Adjusted bank and book balance would be O. O $31.950 $31.450 5 36.980 5 39.830 om/assignment/2664430502/assessment Yahoo Search Results - Wet X + Question 30 (1 point) Amounts received in advance from customers for future products and services are initially recorded as reduction in accounts receivable O True False Question 31 (1 point) A long-term liability can have a current component True False Question 32 (1 point) A machine that cost $40,000 and had an accumulated depreciation of $30,000 was traded exchraged in on a new machine, which had an estimated useful ife of 20 years and cost of $50.0000 $ 7.000 trade in allowance was received on the old machine, the new machine should be valued at 50000 40000 43000 57000 Question 33 (1 point) An equipment costing $ 12,000 and Accumulatd Depreciation of $ 10,000 is sold for $1,000. The journal entry to record this sale is O O Debit Cash $ 1,000,Debit Accumulated Depreciation $10,000, Debit Loss on Disposal of Equipment 5 1,000 Credit Equipments 12,000 Debit Cash $ 1,000, Debit Accumulated Depreciation $10,000 and Credit Profit on Disposal of Equipment 5 1,000, Credit Equipment $ 10,000 Debit Cash $ 1,000, Debit Loss on Disposal of Equipment $ 1.000. Credit Equipment 5 2,000 Debit Cash $ 1,000 and Credit Profit on Disposal of Equipment $ 1.000 O