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Answer the following questions. (Show your work.) a. Equipment is-(Answered)

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Answer the following questions. (Show your work.)

a. Equipment is purchased for $48,000, to be used for eight years. Assuming zero value at the end of eight years, what is the equipment's carrying value after two years and three months?

b. Prepaid Insurance has an $800 balance prior to adjustment. By year end, one-fourth has expired. What will be the balance in Prepaid Insurance after the adjusting entry has been made?

c. A company purchased $210 in supplies during the year, recorded $120 in Supplies Expense, and ended with $350 of supplies. What was the beginning balance of Supplies?

 

Paper#9210318 | Written in 27-Jul-2016

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