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accounting project, Accounting Basics

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journal entries and how to calculate entries

1. Braves estimates bad debt expense at 2% of net sales

2. At 12/31/11, 6 months of rent remains on the storage facility Braves leased on 7/1/10 when it paid $36,000 for a two-year rental.

3. Depreciation on the equipment (excluding the new computers) is computed at 8% per year with a $15,000 salvage value.

4. Depreciation on the Building is computed at 3% per year with a $50,000 salvage value.

5. Depreciation on the new computers is computed straight-line using a 4-year life and no salvage value. Braves’ policy is to record a full month’s depreciation when the assets are purchased and no depreciation in the month of disposal.

6. The 9% Note Payable was issued by Braves Corp. on 7/1/11 and is due on 7/1/12.

7. Salaries earned by employees from 12/19 to 12/31 amount to $12,000.

8. The December utility bill amounts to $2,000.

9. At year-end $20,000 of office supplies are on hand.

10. On 7/1/11, Braves Corp. purchased a three-year fire insurance policy for $36,000 paying the full amount on that day.

11. Braves’ income tax rate is 19%.

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