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?