What is the asset''s book value at year-end

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Questions -

1. Assuming What is the amount of annual depreciation of an asset costing $2,000 purchased Jan 2002 with a useful life of 10 years ($200) What is the asset's book value at year-end 2004?

2. Show the entry required when a company receives an advance payment of $4,000 from a client for services to be rendered over the next 4 months and the entry later after they have performed one month worth of services.

3. Show the entry required when a company receives an advance payment of $4,000 from a client for services to be rendered over the next 4 months and the entry later after they have performed one month worth of services.

4. Bought a $3,000 three-year insurance policy and paid in full. Show the entries required for the purchase and the adjusting entry one year later.

5. $4,000 worth of services are performed for a client, $3,000 is collected but $1,000 will be collected in one month. Show the entries required now and in one month.

6. Purchased a large quantity of office supplies for $4,000. Paid 1,000 with the remainder due in one month. Show the entries required for the purchase and payment next month.

7. Show the entry to record $400 of depreciation for the period.

8. What is the entry required when $100 of the supplies purchased in # 12 have now been used.

9. Show the entries required to close $2,000 in expense, $5,000 in revenue and $500 in dividends

10. Show the entries required to close $2,000 in expense, $5,000 in revenue and $500 in dividends

11. What accounts would be found on the Adjusted Trial Balance but not on the Post-Clsoing Trial Balance?

Reference no: EM132049501

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