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depreciation expense 24,000 - income statement
accumulated depreciation-fixed asset 24,000 - balance sheet
2. ABM Corporation adds 10,000 to its allowance for doubtful accounts.
bad debts expense 10,000 - income statement
allowance for bad debts 10,000 - balance sheet
3. ABM Corporation received the light and water bill worth 26,200.
utilities expense 26,200 - income statement
utilities payable 26,200 - balance sheet
4. The company has a credit balance of Unearned Rent Revenue worth 120,000 from a customer who paid last month.
unearned rent revenue 120,000 - balance sheet
rent revenue 120,000 - income statement
5. On June 1, 2020 ABM Corporation bills a customer for 100,000.00. The service were completed at the end of the year.
unearned service revenue 100,000 - balance sheet
service revenue 100,000 - income statement
6. On August 1, 2020 ABM Corporation pays 120,000 advance payment for 6-month rent. The company records this as prepaid expense.
rent expense 100,000 - income statement
prepaid rent expense 100,000 - balance sheet
7. On August 31, 2020 ABM Corporation pays 120,000 advance payment for 6-month rent. The company records this as prepaid expense.
rent expense 80,000 - income statement
prepaid rent expense 80,000 - balance sheet
8. Office supplies having an original cost of 4,320 were unused till the end of the period. Office supplies having an original cost of 22,800 are shown on the unadjusted trial balance.
office supplies 22,800 22,800-4,320= 18,380
cash 22,800
office supplies expense 18,380 - income statement
office supplies 18,380 - balance sheet
9. Prepaid rent of 36,000 was paid for the months of December, January, and February. How much is the used rent at the end of the accounting period? (The company used calendar year)
rent expense 12,000
prepaid rent expense 12,000
10. The equipment costing 80,000 has a useful life of 5 years and its estimated salvage value is $14,000. Depreciation is provided using the straight-line depreciation method.
depreciation expense 13,200
accumulated depreciation - equipment 13,200
FA value - SV / estimated life
11. The interest rate on 20,000 notes payable is 9%. Accrue the interest for one month.
(NP)(%)(1/12)(months)
20,000(.09)(1/12)(1)=150
interest expense 150 - income statement
interest payable 150 - balance sheet
12. Worth of service of 3,000 has been provided to the customer who paid the advance amount of 4,000.
unearned service revenue 3,000
service revenue 3,000
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