CHART OF ACCOUNTS 101 Cash 401 Service Revenue 211 Notes Payable 212 Accounts Payable 451 Rent Revenue 111 Notes Receivable 112 Accounts Receivable 214 Interest Payable 491 Interest Revenue 216 Wages Payable 511 Depreciation Expense 513 Insurance Expense 515 Rent Expense 114 Interest Receivable 261 Unearned Revenue 125 Supplies 311 Common Stock 130 Prepaid Insurance 132 Prepaid Rent 320 Retained Earnings 517 Wages Expense 519 Supplies Expense 591 Interest Expense 161 Equipment 162 Accumulated Depreciation Corporation purchased equipment on July 1 and gave an 18-month, 10% interest-bearing note with a face value of $45,000. Depreciation will be for 10 years using the straight-line method. The December 31 depreciation adjusting entry would be: Date Enter Account Number Debit Credit XX/XX/XX Would this adjusting entry be reversed? (Y for Yes or N for No)
CHART OF ACCOUNTS 101 Cash 401 Service Revenue 211 Notes Payable 212 Accounts Payable 451 Rent Revenue 111 Notes Receivable 112 Accounts Receivable 214 Interest Payable 491 Interest Revenue 216 Wages Payable 511 Depreciation Expense 513 Insurance Expense 515 Rent Expense 114 Interest Receivable 261 Unearned Revenue 125 Supplies 311 Common Stock 130 Prepaid Insurance 132 Prepaid Rent 320 Retained Earnings 517 Wages Expense 519 Supplies Expense 591 Interest Expense 161 Equipment 162 Accumulated Depreciation Corporation purchased equipment on July 1 and gave an 18-month, 10% interest-bearing note with a face value of $45,000. Depreciation will be for 10 years using the straight-line method. The December 31 depreciation adjusting entry would be: Date Enter Account Number Debit Credit XX/XX/XX Would this adjusting entry be reversed? (Y for Yes or N for No)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 4.1AP
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College