Question

At December 31, the following information was available. Make any necessary adjusting entries in spaces provided

1. The machine were purchased for $34995 on 12/1 and have an estimated useful life of 5 years with zero salvage value. The company uses

straight line depreciation. Make the depreciation adjustment for the machine for the month of December

3. The four-year note payable for $70000 had an APR of 9% and was purchased on 12/1.

Make the adjustment relating to the note

6. As of 12/31 Brian's music shop still owed $815 of services to the client from the transaction on 12/6, who had prepaid

$3400 for services

7. The amount recorded for services provided on account on 12/15 should have been $51000 instead of $5100. Correct the

error using only one journal entry

Answer 1

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