Depreciation on the equipment is 15200 per year. prepare, Ask an Expert

Accounting

A company that has a fiscal year-end of December 31: (1) on October 1, $28,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $26,000; principal and interest at 8% are due in one year; and (3) equipment costing $76,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $15,200 per year.

Prepare the necessary adjusting entries at December 31 for each of the above items.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940081

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