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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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