Kathy's Kitchen bought a van to deliver Kathy's famous pies. The van cost $20,000. Kathy estimates that, with the hard use the can will get, it will be of use for four years. At the end of the four years, it will be sold for parts for $2,000. Required: 1. Determine the monthly depreciation expense using the straight-line method 2. Make the journal entry to record depreciation expense for January
Problem 1: Kathy's Kitchen bought a van to deliver Kathy's famous pies. The van cost $20,000. Kathy estimates that, with the hard use the can will get, it will be of use for four years. At the end of the four years, it will be sold for parts for $2,000.
Required:
1. Determine the monthly
2. Make the
Problem 9: The Hilltop Inn pays its employees on a biweekly basis. The last day of the pay period for January is the 25th. The biweekly gross pay for Hilltop's employees has averaged $4,200. Assume a biweekly pay period covers 14 workdays.
Required:
1. Estimate the amount of wages payable at the end of January.
2. Record the adjusting entry for January
Problem 13: State (1) whether the following failures to record
1. Not recording depreciation expense
2. Not adjusting unearned revenue when revenue is earned
3. Not adjusting prepaid rent when rent is used
4. Not recording accrued interest on investments
5. Not recording accrued interest in loans
6. Not recording services rendered, but not yet billed
7. Not recording accrued wages
8. Not recording the electric expense used but noy yet paid for
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