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What is the entry for may

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Question 1: Machinery purchased January 1st 2015 for 49,000 was expected to last for 40 years and would be worth $1000 at that time. The company is using the straight-line method of amortization. What is the entry for for may 31st 2015?

Question 2: office equipment purchased for $30,000 January 1st 2015 is amortized at a rate of 20% per year. The accumulated amortization up to this point was $500. What is the entry for May 31st 2015?

Question 3: A truck purchased for $20,000 has accumulated amortization of $6,000 on January 1st and is amortized at a rate of 10%. What is the entry for 6 month period ending June 30th? it says up top that "these companies make adjustments monthly except for transaction #8 which is for a 6 month period.

Reference no: EM132578961

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