Can you do the year-end adjusting entries for the following:
1) Recognize rent revenue for the year.
2) Depreciation expense for the year is 2,556,000.
3) Recognize the expiration of the prepaid insurance policy.
4) Recognize the interest earned on the note receivable issued.
5) Record bad debt expense for the year, assuming uses 2% of accounts receivable to estimate their uncollectible accounts.
6) Amortization Expense for the year is 3,000.
Using this information:
Unearned Revenue | $ 10,000.00 | |
Rent Revenue | $ 10,000.00 | |
Depreciation Expense | $ 2,556,000.00 | |
Accumulated Depreciation | $ 2,556,000.00 | |
Insurance Expense | $ 30,000.00 | |
Prepaid Insurance | $ 30,000.00 | |
Bad Debts | $ 325,880.00 | |
Accounts Receivable | $ 325,880.00 | |
Amortization Expense | $ 3,000.00 | |
Accumulated Amortization | $ 3,000.00 |
Can you do the year-end adjusting entries for the following: 1) Recognize rent revenue for the year. 2) Depreciation exp...
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